Starbucks' Schultz mulling 'philanthropy to public service'

Starbucks' Schultz mulling 'philanthropy to public service'

"Howard proved that a company could be more successful and profitable by elevating humanity", said Mellody Hobson, president of Ariel Investments and a Starbucks director who will become vice chairwoman when Mr. Schultz steps down.

He became Starbucks' executive chairman past year, handing the chief executive job to Kevin Johnson at a time when growth in Starbucks' dominant USA market was showing signs of cooling.

Schultz's departure comes a week after the company closed more than 8,000 USA stores to provide racial bias awareness training to around 175,000 employees.

Schultz will also resign from Starbucks' board and will be named chairman emeritus, the company said in a statement.

In an interview with The New York Times, Schultz, a Democrat who has publicly criticized US President Donald Trump, did not deny speculation that he was considering a political career.

Howard Schultz is leaving his job at Starbucks - and says he may consider running for president.

While speaking with The New York Times this week, he said: 'I want to be truthful with you without creating more speculative headlines. He spoke to the growing division in the country and America's standing in the world.

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"I'll be thinking about a range of options for myself, from philanthropy to public service, but I'm a long way from knowing what the future holds", he said in a letter to employees. "For years I've had a dream to build a different kind of company, one that has the potential to enhance lives and endure long after I was gone".

Schultz, 64, over roughly four decades has built Starbucks into one of the world's most powerful global brands.

He is also writing a book about Starbucks social impact work and the efforts to redefine the role and responsibility of a public company in an ever-changing society.

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.

Starbucks was rocked by scandal in April, following the arrest of two black customers at a store in Philadelphia.

Myron Ullman, former CEO of J.C. Penney, will take over for Schultz.

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