Starbucks (SBUX) announced the retirement of CEO Kevin Johnson on Wednesday.

Johnson has worked at the Seattle-based coffee giant for 13 years, serving as CEO since April 2017. The 61-year-old will transition from his current role on April 4, 2022, and will continue to serve as a Starbucks partner and special consultant to the company and Board of Directors through September.

As the company looks for a permanent successor, the Board of Directors appointed founder and former CEO and former executive chairman Howard Schultz as interim CEO, effective April 4, 2022, with a compensation of $1. He will also rejoin the company's Board of Directors. Starbucks said it hired a search firm and anticipates to find a new leader by the Fall.

Schultz previously served as CEO from 1986 to 2000 and then returned to the helm of the company from 2008 to 2017.

In a letter to all Starbucks partners titled A message of thanks from Kevin: Starbucks has been a gift in life, Johnson wrote: "A year ago, I signaled to the Starbucks Board of Directors that as the pandemic neared an end, I would consider retirement. Well, that day has come."

Wednesday will be Johnson's 14th and final Annual Meeting of Shareholders as a Starbucks Partner, he acknowledges in the letter, adding that he feels confident in the road ahead for the coffee chain with Schultz back at the helm of the company on an interim basis.

"As I make this transition, we are very fortunate to have our founder, Howard Schultz, 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 told Starbucks partners.

"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 said in a statement, adding that he plans to focus on innovation framework and to help onboard the next CEO.

The leadership transition comes as Starbucks' partners look to unionize across the United States. According to SBWorkers United, more than 120 stores across the U.S. in 26 states have filed union petitions with the National Labor Relations Board (NLRB). As of early March, there are now six company-owned stores that have successfully formed a union.

The National Labor Relations Board recently issued a complaint against Starbucks over accusations that it retaliated against two employees in Phoenix that looked to unionize.

Starbucks' success "is not an entitlement," Schultz added, stressing that the company needs to continue to earn the trust of both its people and customers.

"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," Shultz stated.

Since Johnson became CEO five years ago, shares of Starbucks are up 52.4%. However, in the past three months, shares of Starbucks are down nearly 28%.

Brooke DiPalma is a producer and reporter for Yahoo Finance. Follow her on Twitter at @BrookeDiPalma or email her at [email protected].

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