Howard Schultz returning as Starbucks interim CEO after Johnson retires

• Starbucks fired several Memphis employees involved in unionization efforts last month, though the company said the workers violated company policies.

The big picture: Schultz will return to the company as interim CEO while a permanent leader is found by the fall.

• Schultz will receive $1 of compensation, and it will mark his third tenure as Starbucks' chief executive.

What they're saying: "A year ago, I signaled to the board that as the global pandemic neared an end, I would be considering retirement from Starbucks. I feel this is a natural bookend to my 13 years with the company," Johnson said.

• "As I make this transition, we are very fortunate to have a founder 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," he added.

Go deeper: Starbucks closes stores, suspends operations in Russia