Former Starbucks CEO Howard Schultz steps down from board
Former Starbucks CEO Howard Schultz speaks on the Annual Assembly of Shareholders in Seattle, March 22, 2017.
Jason Redmond | AFP | Getty Photos
Former Starbucks CEO Howard Schultz is stepping down from the espresso chain’s board, the corporate stated Wednesday.
“I look ahead to supporting this subsequent era of leaders to steward Starbucks into the long run as a buyer, supporter and advocate in my function as chairman emeritus,” Schultz stated in a press release.
The corporate stated the change was a part of a deliberate transition, however Schultz, 70, did not present a purpose for his exit.
His third stint as Starbucks’ chief govt resulted in March, as Laxman Narasimhan stepped into the function. Schultz spent 11 months again within the high job. Throughout that point, he crafted a technique to modernize the corporate’s cafes, enhance relations with its baristas and gas additional gross sales development. He additionally spearheaded the launch of Starbucks Oleato, a line of olive oil-infused drinks.
However a few of Schultz’s actions created new enemies. He took a extra aggressive strategy towards baristas unionizing than Kevin Johnson, who took over as CEO after Schultz’s second stint. Starbucks Staff United and allies equivalent to Sen. Bernie Sanders made billionaire Schultz the face of Starbucks’ anti-union stance. It culminated in Schultz being grilled in entrance of a Senate committee over the corporate’s alleged union busting shortly after he stepped down as chief govt.
Previous to his departure, Schultz advised CNBC that he has no intention of taking the reins as CEO once more.
Schultz beforehand stepped down from Starbucks’ board in June 2018 to arrange for a possible presidential run, earlier than deciding towards a bid. He had already handed off the CEO function to Johnson in 2017.
As Schultz departs the board, Wei Zhang will take his seat. Zhang served as a senior advisor to Alibaba and president of Alibaba Footage Group.
Her expertise with the Chinese language e-commerce large may support Starbucks because it tries to assist its Chinese language enterprise bounce again. China is Starbucks’ second-largest market, and a few traits there, equivalent to cellular ordering, have impressed modifications to the corporate’s U.S. enterprise.
She is the third lady on Starbucks’ nine-person board, which incorporates chair Mellody Hobson and Land O’Lakes CEO Beth Ford.
Disclosure: CNBC China is an affiliate of CNBC.