Starbucks Corp said on Monday that Howard Schultz would remain the coffee chain's interim chief executive officer until the end of March 2023, as it looks for a permanent successor.
Schultz returned to lead Starbucks for a third time earlier this year, taking over from Kevin Johnson at a crucial time for the company as it deals with rising unionisation of its US workforce.
Starbucks is considering only external candidates for its next CEO, the Wall Street Journal reported earlier in the day.
Schultz cited a need to add fresh talent and skills to its senior leadership ranks, the report said.
The company on Monday reiterated its plans to identify a successor by fall, and said Schultz would remain on the board after he steps down as CEO.
On the 4 April, Reuters reported that Schultz is practically synonymous with the company he took over in 1987.
During his previous four decades as chief executive and chairman, the company grew from 11 stores to more than 28,000 in 77 markets worldwide, according to a news release.
Along with suspending the share repurchasing programme, Schultz will travel in the weeks ahead to connect with employees in stores and manufacturing plants, as well as engage in design sessions with employees, he said in the letter.