Business

Starbucks Executive Chairman Howard Schultz Steps Down, May Run For US President

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| June 5 , 2018 , 11:20 IST

Howard Schultz, the executive chairman of world-famous coffee chain Starbucks announced on Monday that he will be stepping down from his position, effective from June 26, ending a 36-year run with Starbucks.

In an interview with The New York Times, Schultz hinted that he may consider running for the post of US President in the future.

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

"For some time now, I have been deeply concerned about our country — the growing division at home and our standing in the world," he said.

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Speaking to CNN, Schultz said, "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."

The 64-year-old Schultz is considered to be one of the most politically outspoken corporate leaders in America and a staunch Democrat. He has frequently spoken on race and equality, and reflected those views in Starbucks' policies, most recently when last week Starbucks closed 8,000 stores for an afternoon to teach employees about racial bias.

Starbucks has grown exponentially during the tenure of Schultz, expanding from 11 stores in the early 1980s to more than 28,000 stores in 77 countries today.

In a statement, Starbucks said that Myron Ullman, the former CEO of JCPenney would become the next chair of Starbucks' board while Mellody Hobson, the president of Ariel Investments, will become vice chair.