January 21, 2019

Starbucks' Howard Schultz steps down as executive chairman

05 June 2018, 07:42 | Austin Hogan

Starbucks' Howard Schultz steps down as executive chairman

Howard Schultz onstage at the annual shareholders meeting in 2017. Schultz is stepping down as Starbucks executive chairman and leaving the company’s board of directors

The company is betting big on China, where it plans to more than triple revenue in the next five years.

"For two years, I have offered that Schultz will seek the 2020 Democratic presidential nomination".

Schultz has been a champion of equality and corporate and social responsibility in his roles at Starbucks, and that message could resonate with potential voters. He eventually opened his own coffee shop and purchased the Starbucks brand. Never embrace the status quo.

Last April, Schultz transitioned from chief executive officer to executive chairman, where he oversaw the company's social impact initiatives.

Since joining the company in the 1980s, Schultz saw Starbucks grow from 11 outlets to 28,000 stores, along the way changing the expectations of consumers when it comes to coffee consumption. Taking his place, former J.C. Penney chairman Myron "Mike" Ullman has been appointed as the next chair of Starbucks Board of Directors and Mellody Hobson has been named vice chair. Both are current members of the Starbucks board.

The company was recently thrown into a round of controversy after two black men were arrested in one of its stores in Philadelphia while waiting for a friend.

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Schultz will be the first businessman to join this group, if he does jump in, posing a direct threat to President Trump, with a storyline that is similar only in their basic premise: that they are both businessmen.

Starbucks is still growing in the USA - but not at the spectacular rates of the past.

The discussions in Beijing, led by Commerce Secretary Wilbur Ross and Chinese Vice Premier Liu He, were meant to ease tensions after Washington said Tuesday it would follow through with tariffs on Chinese imports despite a truce reached between the two sides last month.

Schultz also made clear that Starbucks's racial bias training wasn't just about his company alone.

Bill Gates, the cofounder of Microsoft, whose father was the lawyer who helped Schultz buy Starbucks in 1987, said, "Howard has built an unbelievable organization in Starbucks, and it's exciting to consider what he might accomplish philanthropically". "What kind of country do we want to live in?" The promise of America will not be achieved if it is only available to those that have the right color of skin or have the right zip code.

"I think what occurred was reprehensible at every single level", he told CBS News.

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