Howard Schultz Steps Down As Starbucks’ Executive Chairman
By CBS NEWS // June 4, 2018
became director of operations and marketing at Starbucks in 1982
(CBS News) – Howard Schultz, who helped build Starbucks into a global food industry powerhouse, is stepping down as executive chairman of the coffee chain.
“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 to Starbucks employees. “Together we’ve done that, and so much more, by balancing profitability and social conscience, compassion and rigor, and love and responsibility.”
Schultz, 64, became director of operations and marketing at Starbucks in 1982. He later bought the company in 1987 and became CEO, with Starbucks going public five years later.
In a news release on Monday, the company noted that Starbucks’ stock price has seen a 21,000 percent gain since its initial public offering in 1992. That means a $1,000 stake in the IPO would be worth around $21 million today.
Schultz relinquished his post as chief executive in 2017, with former Starbucks president an chief operating officer officer Kevin Johnson taking over the role.
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