Billionaire investor Nelson Peltz has stepped up to the counter at Starbucks, taking a stake in the company.

In announcing his return Monday as chief executive officer at Starbucks, Howard Schultz would seem to be telling his company to wake up and smell the coffee.

Calling for a renewed emphasis on the ambiance that made the chain distinctive before it became a coffee giant, Schultz joins the ranks of charismatic CEOs, most notably Steve Jobs at Apple Inc., who couldn’t stand aside as their companies hit troubled times.

Difficult times for a company mean difficult times for its board of directors.

And these certainly are difficult times for Washington Mutual, the nation’s largest savings and loan.

Because of losses related to subprime mortgage lending, the Seattle-based firm has closed operations, cut jobs, slashed its dividend, and watched the price of its stock plummet to its lowest level in more than 11 years, closing Friday at $13.07.