Everything We Know About The Next Starbucks CEO

Since the COVID-19 pandemic swept the world in early 2020, plenty of people have transitioned to a work-from-home lifestyle. In the process, what's being labeled "the great resignation" has been in full swing; according to USA Today, 4.5 million Americans quit their jobs in November 2021 alone and employers posted as many as 11 million jobs in one month back in October 2021. Starbucks felt the pain as well when former CEO Kevin Johnson announced his departure from the company back in March 2022.

Johnson was in the role for five years but had been with the company since around 2009. Howard Schultz, who was previously the company's CEO for 30 years, stepped in as the interim and offered to do the job for just $1, per NPR. Since April 4, Schultz has led Starbucks, but the coffee company is still on the hunt for the best person to permanently take over the job. Schultz recently revealed to The Wall Street Journal a few details about what the company's next CEO will look like.

Here's what to expect when Starbucks hires a new CEO

Schultz is largely responsible for Starbucks' growth. Per NPR, he contributed to the company's large-scale success over the course of his tenure and opened nearly 28,000 locations around the world. However, one thing he made clear is that he not planning to stay the interim CEO for long. CNBC reports that Schultz has denied any intention of permanently staying in the top spot; the company plans to have a new CEO announced by fall 2022 and in the role by the end of the year.

Schultz also told The Wall Street Journal that Starbucks does not plan to hire internally for the position. He revealed that the position requires "a different type of leader" — someone who can bring a new set of skills to the job that the company currently lacks. The next person to step into the role will certainly have to be worth their weight in gold; former CEO Johnson pulled in more than $20 million in compensation in 2021, per MarketWatch.

Starbucks took some heat back in February 2022 when the company announced it was raising prices due to inflation. Consumers were disappointed to learn of the price hike after the company earned $8.1 billion in revenue in Q4 of 2021 (per CBS). However, the company landed in consumers' good graces in March 2022 when it announced that it was planning big changes to the famous Starbucks cups.