Starbucks chairman Howard Schultz to step down
Howard Schultz is to step down as chairman from global coffee giant Starbucks after 40 years.
Mr Schultz will be given the title of chairman emeritus effective June 26, 2018.
During his four decades as chief executive and chairman, Mr Schultz grew Starbucks from 11 stores to more than 28,000 stores in 77 countries around the world.
Under his leadership, Starbucks has delivered a 21,000pc gain in the value of its stock price since its initial public offering in 1992, the company said.
"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," Mr Schultz wrote in a letter addressed to past and present Starbucks partners.
"Together we’ve done that, and so much more, by balancing profitability and social conscience, compassion and rigor, and love and responsibility."
Starbucks also announced today that its board of directors has appointed Myron E. "Mike" Ullman as its new chair of the board and Mellody Hobson as vice chair of the board effective upon Mr Schultz’s retirement.
"There are no words to fully express our gratitude to Howard for the extraordinary company he has built," Starbucks chief executive Kevin Johnson said.
"He’s helped Starbucks earn the respect of millions around the world by always being true to a higher calling, and always being bold in creating a better future. He’s taught all of us that it’s possible to be a very different kind of public company. That must, and will, continue on my watch."