’BUCKS JAVA BOLT

CEO calls it quits

Kevin Johnson is retiring after five years as Starbucks CEO, the coffee chain announced Wednesday — paving the way for the return of two-time CEO Howard Schultz on an interim basis.

Schultz, the man credited for turning the Seattlebased chain into a global behemoth, will be paid $1 to assume the title while the company board searches for a permanent replacement.

Johnson said, “A year ago, I signaled to the Board that as the global pandemic neared an end, I would be considering retirement from Starbucks. I feel this is a natural bookend to my 13 years with the company.”

Steps down April 4

Johnson, 61, who will step down April 4, added: “As I make this transition, we are very fortunate to have a founder who is able to step in on an interim basis, giving the Board time to further explore potential candidates and make the right long-term succession decision for the company.”

Johnson was elevated to CEO in 2017 after serving as Schultz’s president and chief operating officer.

He joined the Starbucks board in 2009 after a stint as CEO of Juniper Networks, and is credited with helping to bring Starbucks into the digital age and expanding its footprint in China, the company’s second-largest market.

‘Exciting future’

Schultz, 68, released a statement saying he had no plans to return to the company as a long-term CEO.

“When you love something, you have a deep sense of responsibility to help when called,” he said.

“Although I did not plan to return to Starbucks, I know the company must transform once again to meet a new and exciting future where all of our stakeholders mutually flourish.”

Schultz added: “With the backdrop of COVID recovery and global unrest, it’s critical we set the table for a courageous reimagining and reinvention of the future Starbucks experience for our partners and customers.”

Schultz has taken an active role with the company in recent weeks. He appeared at a Buffalo location to urge workers there to vote down a unionization effort.

Workers at more than 130 Starbucks have petitioned to form unions.

In 2019, he mulled an independent bid for president.