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Howard Schultz Announces Retirement As Starbucks Executive Chairman

05 June, 2018, 02:31 | Author: Lawrence Cooper
  • Starbucks' Howard Schultz is stepping down as executive chairman ending an era

Starbucks Corp Executive Chairman Howard Schultz is stepping away from hands-on management at the global coffee chain, effective June 26, fuelling speculation that the outspoken, liberal-leaning executive will make a US presidential bid.

Schultz, 64, became director of operations and marketing at Starbucks in 1982.

Starbucks Executive Chairman Howard Schultz on the US economy, the impact of the tax reform legislation.

Last week, the company closed its USA stores for several hours for bias awareness training for its employees, one of the measures it promised after the men were arrested as they waited for an associate but hadn't bought anything.

Howard Schultz announced he is stepping down from Starbucks, where he is executive chairman, effective June 26.

Mr Schultz, who retired as chief executive previous year, is to relinquish his seat on the board on 26 June.

Could it possibly mean a Schultz presidential run?

But when asked directly if he was thinking about running for president, he did not rule out the possibility.

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While speaking with The New York Times this week, he said: 'I want to be truthful with you without creating more speculative headlines.

Schultz, who has been with Starbucks for almost four decades, is credited with turning the company into a popular household name and growing it from 11 stores to more than 28,000 in 77 countries.

Asked specifically about a USA presidential run Schultz, said in a New York Times article on Monday: "I intend to think about a range of options, and that could include public service".

"One of the things I want to do in my next chapter is to figure out if there is a role I can play in giving back", he added.

The coffee chain also recently faced backlash after two black men were arrested at one of its Philadelphia cafes while waiting for a meeting to start.

In the meantime, he plans on working on his family foundation, and writing a book about the social responsibility companies have.

Starbucks shares closed up 0.28 percent at $57.07 in regular Monday trading on the Nasdaq, but were down 1 percent at $56.50.

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