Howard Schultz, the current CEO of Starbucks, is planning to step down next month and give up his role, in order to focus on other “humanitarian” projects, claims the 63-year-old business guru. Starbucks business has recently been failing public opinion polls after Schultz announced a plan to hire 10,000 refugees so they can stay in America, and the right launched a very successful boycott.
Schultz has actually tried to step away before, but was actually handed the business back after Starbucks profits began to fail, in the early 2010’s. Schultz increased the company’s profits once again, making the chain successful. However, it remains to be seen what will happen to the company after his departure, especially amidst the political climate.
The Daily Mail reports:
Howard Schultz, the current CEO of Starbucks, will step down from his role at the giant coffee chain next month.
After shaping the brand into an international business, Schultz will be stepping away from his position on April 2, in order to focus on innovation and social impact activities.
Schultz, 63, first tried to diminish his role in the company in 2000, but after traffic in stores decreased, he was handed back the reins in 2008 with booming success.
The businessman, with an estimated net worth of $3.1billion, will remain at Starbucks as executive chairman and will focus on strengthening the company’s high-end coffee shops.
Schultz will be replaced as CEO by Kevin Johnson, Starbucks’ chief operating officer.
The self-made billionaire was rumored to have been considered Hillary Clinton’s running mate in the recent presidential election, and the news of his departure as chief executive was made in December.
He ‘is definitely being pursued’ as a Democratic presidential candidate in 2020, The Seattle Times reported.
Schultz bought and turned the Seattle-based business from a fledgling company with four stores to a massive chain with 25,000 franchises worldwide.
Starbucks is estimated to be worth $85billion, according to Forbes.
In the announcement that he was stepping down, Schultz said he ‘will shift his focus to innovation, design and development of Starbucks Reserve® Roasteries around the world, expansion of the Starbucks Reserve® retail store format and the company’s social impact initiatives’ and ‘focus on Starbucks next wave of retail innovation.’