Howard Schultz steps down as Starbucks executive chairman
New York, June 5 (IBNS): After serving the company for nearly four decades, Howard Schultz is stepping down as executive chairman and member of the Board of Directors of coffee maker Starbucks.
Starbucks Corporation on Tuesday announced Howard will be honored with the title of chairman emeritus effective June 26, 2018.
During his four decades as ceo and chairman, Schultz grew Starbucks from 11 stores to more than 28,000 stores in 77 countries, while demonstrating that a business can simultaneously deliver best-in-class financial performance and share success with its people and the communities it serves.
Under Schultz’s leadership, Starbucks has delivered a 21,000% gain in the value of its stock price since its initial public offering in 1992. The company’s growth was fueled by his decisions to provide uncommon benefits for those who work for Starbucks, including comprehensive healthcare, stock ownership and free college tuition, even for those working part-time.
“I set out to build a company that my father, a blue-collar worker and World War II veteran, never had a chance to work for,” Schultz wrote in a letter addressed today to past and present Starbucks partners. “Together we’ve done that, and so much more, by balancing profitability and social conscience, compassion and rigor, and love and responsibility.”
Starbucks also announced that its Board of Directors has appointed Myron E. “Mike” Ullman as its new chair of the Board and Mellody Hobson as vice chair of the Board effective upon Schultz’s retirement.
Starbucks world-class, values-based board is comprised of accomplished leaders representing diversity and excellence in global technology, retail, consumer experience and other relevant skill sets.
“There are no words to fully express our gratitude to Howard for the extraordinary company he has built,” said ceo and member of the Board of Directors Kevin Johnson. “He’s helped Starbucks earn the respect of millions around the world by always being true to a higher calling, and always being bold in creating a better future. He’s taught all of us that it’s possible to be a very different kind of public company. That must, and will, continue on my watch.”
Meanwhile, Howard told New York Times that he would not rule out a run for president.
“I intend to think about a range of options, and that could include public service. But I’m a long way from making any decisions about the future," he told the newspaper.
Image: Starbucks News Twitter page
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