Starbucks Chairman Howard Schultz steps down amid speculation about presidential run

Starbucks Chairman Howard Schultz steps down amid speculation about presidential run

Starbucks Chairman Howard Schultz steps down amid speculation about presidential run

Mr Schultz, who retired as chief executive previous year, is to relinquish his seat on the board on 26 June.

"I 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", Schultz wrote in a letter addressed today to past and present Starbucks partners.

In his letter, Schultz also credited the company with "balancing profitability and social conscience, compassion and rigor, and love and responsibility".

Last week, the company closed its US stores for several hours for bias awareness training, one of the measures it promised after the men were arrested as they waited for an associate but hadn't bought anything.

Schultz joined Starbucks in 1982 and has overseen the company's global expansion.

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


'For some time now, I have been deeply concerned about our country - the growing division at home and our standing in the world'. "I'm not exactly sure what that means yet". Shares of Starbucks have risen 21,000 percent since the company's initial public offering in 1992; an investor who had put in $10,000 then would have more than $2 million today. 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 will leave the company at the end of the month and will take on the title of chairman emeritus, Starbucks said in a statement. "That must, and will, continue on my watch".

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

And in a speech to Starbucks shareholders in 2016, Schultz said he feared that the opportunities that allowed him to achieve his American Dream - he grew up in subsidized housing in Brooklyn - have escaped the grasp of too many people.

Starbucks said Mr Schultz planned to write a book and spend time with his family this summer.

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