Starbucks chairman to step down at end of June

Muriel Colon
June 5, 2018

Schultz, 64, has been serving as executive chairman of Starbucks since stepping down as chief executive in April.

Schultz will also resign from Starbucks' board and will be named chairman emeritus, the company said.

Schultz, who has had two stints as the coffee giant's CEO, is rumored to be making a run at President for the 2020 election.

"I want to be truthful with you without creating more speculative headlines", he said.

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. For years I've had a dream to build a different kind of company, one that has the potential to enhance lives and endure long after I was gone".

Schultz said his main goal is to serve the country.

In an interview with The New York Times, Schultz, a Democrat who has publicly criticized US President Donald Trump, did not deny speculation that he was considering a political career.

In his letter, Schultz emphasized his roots, saying, "I still feel like a kid from Brooklyn who grew up in public housing" and that he'd "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".

Starbucks declined to make Schultz or other Starbucks executives and board members available for comment.

Schultz elevated the concept of Starbucks as the third place between home and work: a comfortable, welcoming environment that provides uplifting experiences, community and human connection.

Starbucks said Mr Schultz planned to write a book and spend time with his family this summer. Together we've done that, and so much more, by balancing profitability and social conscience, compassion and rigor, and love and responsibility.

Schultz's departure comes a week after the company closed more than 8,000 United States stores to provide racial bias awareness training to around 175,000 employees.

"Ullman, former chairman and CEO of J.C. Penney, was named chair, while Mellody Hobson, president and director of Chicago-based investment management firm Ariel Investments, will be named vice chair", reports CNBC.

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