The next permanent Starbucks CEO is expected to be announced in the autumn | Photo credit: Starbucks

As part of an update on the company's search for its next CEO, Starbucks board of directors has agreed that Howard Schultz will remain as interim CEO through the first fiscal quarter of 2023. 
 

Starbucks said that the timeline sets the pathway for a seamless transition and continuity of leadership through the 2022 holiday season, before an official handover takes place in the first calendar quarter of 2023.  

Since returning as interim CEO in April, Schultz has overseen Starbucks' exit the Russian market, permanently closing 130 stores in response to the Russian invasion in Ukraine, and pledge greater investment in staff and company culture in light of a growing unionisation movement at some US stores.  

The next permanent CEO is expected to be announced in the autumn, with Schultz, who will remain on the Starbucks board, continuing to play a central role in the transition period.

Speaking to the Wall Street Journal, Schultz said that Starbucks would only be considering external candidates for the position, ruling himself out of holding the position permanently.