Starbucks is sliding after Howard Schultz steps down as chairman

Starbucks Chairman Howard Schultz To Step Down : The Two-Way
Howard Schultz Announces Retirement As Starbucks Executive Chairman

05 June, 2018

Starbucks Corp. Chairman Howard Schultz will leave the coffee chain later this month, bringing to a close a almost four-decade run at the company that ushered coffeehouse culture into mainstream American life and carved out a global restaurant empire to rival McDonald's.

Howard Schultz speaks during a media event in Beijing in 2012, when he was chairman and CEO of Starbucks Corp.

Starbucks said Myron E. "Mike" Ullman will take over as chairman of the board, and Mellody Hobson will become vice chair (Disclosure: Mellody Hobson is a regular contributor to CBS News).

Schultz, added: "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". The chain closed about 8,000 company-owned stores for an afternoon of anti-bias training last week, a decision that some shareholders questioned for the expense.

"I write to you today enjoying a French Press of my favorite coffee, aged Sumatra, and feeling so many emotions", Schultz wrote in a letter to Starbucks employees.

Schultz, 64, has been serving as executive chairman of Starbucks since stepping down as chief executive in April of a year ago and handing over to Kevin Johnson.

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In recent years, Schultz has repeatedly denied that he has political ambitions, but he appeared to be more open to the idea in an interview with CNN last week.

"I want to be of service to our country, but that doesn't mean I need to run for public office to accomplish that", Schultz told the Times.

Schultz, 64, over roughly four decades has built Starbucks into one of the world's most powerful global brands.

He also credited the company with "balancing profitability and social conscience, compassion and rigor, and love and responsibility".

Schultz will also resign from Starbucks' board and will be named chairman emeritus, the company said in a statement. Shares in Starbucks dropped 1 percent to $56.50 in extended trading after the announcement.

Schultz's departure came weeks after Starbucks revamped its store policies following the arrests of two customers at a Philadelphia store location.

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