Howard Schultz Announces Retirement As Starbucks Executive Chairman

Howard Schultz Announces Retirement As Starbucks Executive Chairman

The company temporarily closed more than 8,000 U.S. stores after the arrest for racial bias training.

Mr Schultz, 64, started working for Starbucks in 1982 as director of operations and marketing. When the Times asked him directly if he's considering a run for president, he didn't say no.

Schultz's move comes after he ceded the day-to-day duties of CEO at Starbucks previous year to focus on innovation and social-impact projects as executive chairman.

"I want to be truthful with you without creating more speculative headlines", Schultz, said in an interview with The New York Times.

Following his transition off the Starbucks board at the end of June, Schultz will oversee the opening of the Starbucks Reserve Roastery in Milan on September 6 - marking the company's long-awaited entry into Italy - and the New York Roastery in late October.

Schultz added that he has for some time been "deeply concerned about our country - the growing division at home and our standing in the world".

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"Starbucks changed the way millions of people drink coffee, this is true, but we also changed people's lives in communities around the world for the better", Schultz said in his letter.

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.

Schultz has said his vision for Starbucks was largely inspired by the coffee bars he saw on a visit to Milan many years ago. He worked as CEO from 1987 to 2000, then filled the role again from 2008 to 2017. He oversaw the expansion of the chain's food and beverage menu and the growth of its popular loyalty program and mobile app.

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

Starbucks' board named Myron Ullman, previously chairman and CEO of struggling retailer J.C. Penney Co, as its new chair, and Mellody Hobson as vice chair effective upon Schultz's retirement.

Starbucks shares closed up 0.28 percent at $57.07 in regular Monday trading on the Nasdaq, but were down 1 percent at $56.50.

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