Howard Schultz, former Starbucks CEO, steps down from company’s board

On March 19th, 2020, former Starbucks CEO Howard Schultz announced that he would be stepping down from the company’s board of directors. Schultz left the company in 2018 after four decades of service, and the company has been under new leadership since then. After his retirement, Schultz has focused on a number of philanthropic, civic and business activities. In a statement, Schultz thanked Starbucks’ Chairman and CEO, Kevin Johnson, and the board of directors “for their leadership and unwavering support.” He also thanked the company’s employees and partners “for their hard work and dedication.” Schultz was the CEO of Starbucks from 1986 to 2000 and then again from 2008 to 2018. Under his leadership, the company grew from 11 stores to more than 28,000 stores around the world. He initiated the company’s practice of offering health care and other benefits to all of its employees and was the driving force behind its beloved loyalty program. In his retirement, Schultz has continued to focus on supporting the company’s employees and partners, launching the Schultz Family Foundation and eventually creating the Starbucks Foundation in 2019. He has since launched the Upstanders community initiative and invested in several start-up companies. Schultz’s departure from the board of directors comes as the company and other businesses grapple with the economic and operational impacts of the coronavirus pandemic. Schultz’s retirement from the board was “amicably agreed to” and his departure has been “effective as of March 10,” according to a filing with the Securities and Exchange Commission.