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.

More news: Microsoft to Acquire GitHub
More news: Supreme Court rules for Denver baker in gay wedding cake case
More news: Apple WWDC event: What to expect?

"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.

Related Articles

  • North Korea replaces top three military officials

    North Korea replaces top three military officials

    White House Deputy Chief of Staff Joe Hagin, the puppeteer pulling the strings on the U.S. He said the army could be getting ready to take over crucial infrastructure projects.
    Trump Kim summit officially back on

    Trump Kim summit officially back on

    According to Newsweek , South Korea paid $2.6 million in travel expenses for Kim during the 2018 PyeongChang Olympics alone. Asked about the North's willingness to abandon their nuclear weapons program, Trump said Pyongyang was open to the idea.
    Liverpool legend Grobbelaar: Karius should start first game back

    Liverpool legend Grobbelaar: Karius should start first game back

    Grobbelaar, who played for Liverpool between 1981 and 1994, added: "They should keep him in the spotlight from next season". He could help France to World Cup glory and that front three of him, Mbappe and Griezmann could be the best at the finals.
  • New Catalan leader calls for talks with new Spain PM

    New Catalan leader calls for talks with new Spain PM

    Mr Sánchez is opposed to another independence referendum in Catalonia, but wants talks on the situation in the prosperous region. He has also vowed to implement the 2018 Budget designed by Mr Rajoy's conservative Popular Party (PP) government.
    U.S. Allies Rebuke Trump Administration's Trade Actions At G7 Meeting

    U.S. Allies Rebuke Trump Administration's Trade Actions At G7 Meeting

    Trudeau said he would seek out Trump at the meeting of the G-7 leaders this week in Quebec to discuss trade issues. Beijing pledged any tariffs on their goods would nullify any trade deal reached between the USA and China.
    Roseanne Barr Says She Begged ABC Not to Cancel Roseanne

    Roseanne Barr Says She Begged ABC Not to Cancel Roseanne

    Roseanne's show was axed by ABC after she sent a tweet about former President Obama senior advisor Valerie Jarrett . I'd worked doing publicity4 them 4free for weeks, traveling, thru bronchitis. "I begged for people's jobs".
  • IOS 12 wants you to spend less time on your faster iPhone

    IOS 12 wants you to spend less time on your faster iPhone

    For that, try f.lux , a third-party app that can change the white balance of your display to a more soothing setting. Apple has officially unveiled iOS 12 with Group FaceTime calling, Memoji , Siri Shortcuts , and more.
    ASUS ROG Phone Might Arrive In Malaysia By This August

    ASUS ROG Phone Might Arrive In Malaysia By This August

    The clamshell houses an extra 6,000 mAh battery so that you don't drain your phone's battery halfway through the day. The bundled cooler obviously is in place to cool down the smartphone during periods of intense gaming.
    LeBron James admits he asked Cavaliers not to trade Kyrie Irving

    LeBron James admits he asked Cavaliers not to trade Kyrie Irving

    The two-time regular season MVP says being named the Finals' best player won't "make or break" his career. But it's amusing to imagine what would have happened if the rules were strictly upheld during this game.
  • Nigeria Name Final World Cup Squad

    Nigeria Name Final World Cup Squad

    The England coach picked a strong team and was rewarded with an impressive first-half performance and goals from Kane and Cahill. Speaking on the Super Eagles friendly match with England , Izilein said he was not disturbed with the outcome of the game.
    Amazon geoblocks Australia from US  site as tax change kicks in

    Amazon geoblocks Australia from US site as tax change kicks in

    Minifie, the economist, said that Amazon would probably continue to build a healthy customer base in Australia despite the change. Rival e-commerce platform, eBay, had previously threatened to block foreign sellers if the new GST laws went ahead.
    No Bidders For Air India Yet As Deadline Ends Today

    No Bidders For Air India Yet As Deadline Ends Today

    The government had earlier extended the deadline to receive initial bids for 76 per cent stake sale from May 14 to May 31. It is beneficial to buyers that government would take care of half of its debt", said Sinha earlier.