New York, Mar 16 (AP) Starbucks President and CEO Kevin Johnson said Wednesday he will retire next month, and former CEO and company founder Howard Schultz will replace him on an interim basis.

Johnson, 61, said he told the company's board last year that he was considering retirement after five years as CEO and 13 years at Starbucks. Starbucks expects to name a permanent CEO by this fall.

Also Read | Pakistan Lifts All COVID-19-Related Restrictions.

In the meantime, Schultz will serve as interim CEO; the company said he is taking $1 in compensation. Schultz, 68, is also rejoining Starbucks' board. Johnson succeeded Schultz as CEO in 2017. (AP) VM

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)