Schultz, 63, in his new role as executive chairman will receive an annual base salary of $1, securities and exchange filings released on Thursday showed.
Schultz, who was CEO from 1987 to 2000 and then again from 2008 until his scheduled departure on April 3, will receive a $750,000 equity award, too, effective April 17, and his target under the company's executive management bonus plan will remain at $3.8 million, SEC filings said.
Starbucks President, Chief Operating Officer and long-time board member Kevin Johnson will take over as CEO when Schultz steps down. Johnson's annual base salary will be boosted to $1.3 million from the $1 million he received in 2016.
When Schultz announced his departure, he touted Johnson for being "a wise and supportive resource for me" through the years and told analysts that he was "better prepared" to be the CEO of Starbucks.
Meanwhile, at Starbucks' last annual meeting under Schultz, the company revealed that it plans to open 12,000 new stores by fiscal 2021, as if the U.S. doesn't already see a Starbucks on every corner in every city.
Also at the meeting, Johnson said Starbucks will expand its roastery concept with locations set to open in Shanghai this year and in New York, Milan and Tokyo in 2018. Plus, Starbucks will start selling more of its lunch options - its salads and snacks - and is working with Amazon (AMZN) - Get Report and Ford (F) - Get Report to develop voice ordering capabilities in vehicles through Alexa.