Starbucks chief Schultz retiring, may run for president

Starbucks chief Schultz retiring, may run for president

Starbucks chief Schultz retiring, may run for president

"Howard proved that a company could be more successful and profitable by elevating humanity", said Mellody Hobson, president of Ariel Investments and a Starbucks director who will become vice chairwoman when Mr. Schultz steps down. Schultz will keep the honorary title of chairman emeritus.

Schultz stepped down from his former position as CEO in April, but had stayed on as the company's executive chairman. 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.

The company said Myron "Mike" Ullman would be the new chairman of the board, upon Schultz's retirement.

Mr Schultz, who retired as chief executive a year ago, 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", said Schultz.

There has been speculation that Schultz is retiring from Starbucks to attempt a run for the 2020 Democratic presidential nomination. In the memo he said he'll be "thinking about a range of options for myself, from philanthropy to public service, but I'm a long way from knowing what the future holds".

"I want to be truthful with you without creating more speculative headlines", he said in discussing his political ambitions in an interview with The New York Times.

Schultz, 64, spent four decades working at Starbucks. "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".

"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", he continued.

That effort came after a Philadelphia cafe manager's calls to police resulted in the arrests of two black men who were waiting for a friend - leading to protests and accusations of racial profiling at the chain. 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.

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