On Monday, Howard Schultz announced that he will be leaving his role as Executive Chairman for Starbucks and the decision sparked speculation that he has plans of running for president.
- Howard Schultz is the famous CEO of Starbucks that spent the last 30 years developing a small, local coffee brand into an international coffee shop giant with 28,000 locations.
- Mr Schultz has been outspokenly critical of Trump’s presidency and many are now expecting to see him run for president.
According to the official statement, Schultz has been planning his retirement from Starbucks since he left his role as as CEO for Starbucks a little more than a year ago, and everyone at the company board was aware of the plans.
Schultz has not been afraid to speak out on political matters during his time as CEO and Chairman, and he has been even more adamant about it since Trump took office. However, he has constantly shrugged of every question about his desires to get into politics, until now.
In an interview with the New York Times, Shultz addressed the possibility for the first time saying that “For some time now, I have been deeply concerned about our country — the growing division at home and our standing in the world.” He then continued saying that “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. I’m not exactly sure what that means yet.”
What Does the Future Hold for Starbucks?
At the end of the month, Schultz will have his last day at the company he has been leading for the past 30 years and what the future holds is still unclear. Whether or not Schultz will get into politics is not certain, although the future of the company he is leaving is.
Last year, Kevin Johnson took over as CEO of Starbucks and the company has been thriving ever since. Therefore, there is no reason to believe that pattern wouldn’t continue.
That being said, the Starbuck stock dropped 3.5 percent in after hours trading just after the announcement was made.