GRANDE DECISION: Howard Schultz agreed to temporarily take over the reins and join the board of directors while the company looked for his replacement.
said Wednesday that he won't be returning as Starbucks' chief executive once incoming boss Laxman Narasimhan assumes the role next spring.
Schultz, who was named interim CEO earlier this year after the retirement of Kevin Johnson, said in an interview on CNBC's "Squawk Box" that he's "never" coming back because the coffee giant "found the right person." will become the company’s next chief executive and a member of the Starbucks board of directors in April. The company had been in search of its next CEO since Johnson stepped down last spring after a 13-year tenure at the company.
Schultz agreed to temporarily take over the reins and join the Starbucks board of directors while the company looked for his permanent replacement.
"We must modernize and transform the Starbucks experience in our stores and recreate an environment that is relevant, welcoming and safe, and where we uplift one another with dignity, respect and kindness," Schultz said in a statement this summer. "We need to reinvent Starbucks for the future."
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