Starbucks announced Monday that it will keep Howard Schultz as an interim CEO until the end of March 2023 as the coffee chain seeks a successor.

Schultz, 69, returned as CEO on April 4 after Kevin Johnson stepped down as president and CEO. Schultz previously held the position from 1986 to 2000 and then from 2008 to 2017.

Starbucks said that the additional time allows the company to have “the ideal runway for a seamless transition and continuity of leadership through the 2022 holiday season, as the business transformation continues.”

“Since returning as interim CEO on April 4, Schultz has engaged deeply with partners (employees) of all levels of the company, working directly with the leadership team to shape a strategic plan for the future of a reimagined Starbucks Coffee Co. The reinvention plan is being designed through co-creation across the organization with a focus on exceeding the expectations of both partners and customers,” the Seattle-based company said.

Starbucks is “seeking fresh blood” and only considering external candidates for its next CEO, the Wall Street Journal reported on Monday. The company plans to have a successor by fall.

Schultz also noted that although he has agreed to hold the position until next year, he is not the candidate to hold the position permanently.

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