At the end of this month, Starbucks‘ CEO will be having a new CEO as they recently announced the departure of Howard Schultz. From drastically increasing the company’s market share by 21,000% and growing to 28,000 stores in 77 countries, Schultz has done an amazing job in managing this coffee giant. Take a look at who will be the next Starbucks CEO!
From Rags to Riches
Schultz began his career with Starbucks in 1982 as he served as chief executive from 1987 to 2000 and again from 2008 to 2017. Shares of Starbucks have risen 21,000% since the company’s initial public offering in 1992. Schultz story is definitely one of rags to riches as he grew up in New York City’s housing projects and even had a time when there was no income being received by his family after his father was injured. After college, Schultz flew across the country and was intrigued by Starbucks and it took nearly a year for him to become the director of marketing. In 1985, Schultz decided to leave Starbucks to start his very own coffee company: Il Giornale (Italian for “the daily”), where after two years, he bought Starbucks and became CEO of Starbucks Corporation. The rest is history.
The Next Chapter
Throughout his career at Starbucks, Schultz has always prioritized his employees’ well-being, and because of his father’s experience when he was injured, Schultz implemented complete healthcare coverage to all of his employees as well as stock options. Now that Schultz is leaving the company, he continues to look for ways to give back not just for his employees but to everyone in the world.
“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. “I’m not exactly sure what that means yet.”
Moreover, Schultz legacy as an entrepreneur will be defined as much for his vision to create a global coffee chain as it will be for his progressive approach to administrating the company. He was able to prove that a company could become more successful and profitable by helping others.
New Starbucks CEO
Now, Myron E. Ullman, former chairman of JCPenney, will become Starbucks’s new chairman and Schultz will be given an honorary title of chairman emeritus. Additionally, Mellody Hobson, will be named the new president, and the director of the Chicago-based investment management firm, Ariel Investments, will be named vice chairman.