Under Schultz's leadership, Starbucks became a global brand with more than 3,000 stores worldwide from just 11. One key lesson from him: there is no reverse gear in life. [175] As a large shareholder of Starbucks stock, Schultz was repeatedly asked about potentially selling all of his holdings if elected to the White House. ', "Howard Schultz | Biography, Starbucks, & Facts", "The first Starbucks coffee shop, Seattle a history of cities in 50 buildings, day 36", "How Howard Schultz ran Starbucks tells us how he might run America", "Forty years young: A history of Starbucks", "Starbucks, "The Third Place", and Creating the Ultimate Customer Experience", "Seattle Coffee Guide: The Evolution of Coffee", "STARBUCKS COFFEE ANNOUNCES INITIAL PUBLIC OFFERING Free Online Library", "7 Fun Facts about Starbucks In Honor of Its IPO's 25th Anniversary", "Why did Howard Schultz leave Starbucks, only to return eight years later? [103] This stance includes the appointment and confirmations of U.S. Supreme Court justices. ", "Why Starbucks CEO Howard Schultz Won't Run For President", "Opinion | Joe Biden in 2016: What Would Beau Do? Former Starbucks CEO Howard Schultz was offended at being called a billionaire during a Senate hearing. [6], Howard D. Schultz was born on July 19, 1953, to Ashkenazi Jewish parents, Fred and Elaine Schultz, in Brooklyn, New York. Over the last 20 years, insiders at Starbucks have traded over $223,268,976 worth of Starbucks stock and bought 551,798 units worth $35,736,158 [25] Schultz's positioning of Starbucks as a social hub is widely seen as introducing the second wave of coffee culture in the U.S., particularly in Seattle. [72] In writing a review for The Wall Street Journal U.S. Army major general Robert H. Scales stated "after reading this moving book I'll not likely pass a Starbucks again without stopping for a patriotic cup. Howard D. Schultz (born July 19, 1953)[2] is an American businessman and author who served as the chairman and chief executive officer of Starbucks from 1986 to 2000, from 2008 to 2017, and as interim CEO from 2022 to 2023. He served as the chief executive officer from 1986 to 2000 and returned during thefinancial crisis of 200708. I'm not done serving Starbucks. [150] Generally, he is a supporter of neoliberal institutionalism and international cooperation. Returning in 2022, he serves as the Starbucks interim CEO, while searching for a successor. [100] In July 2013, Starbucks customers brought in their weapons and guns into local stores to show appreciation for the coffeehouse's support of the Second Amendment. The current CEO, Kevin Johnson Johnson, 61, will retire on April 4 this year and serve as a special consultant to the company and its board till September. Narasimhan's net worth in 2019 was estimated to be about $24.4 million, Benzinga reports. Howard Schultz grew up in an extremely poor family. His second book, Onward: How Starbucks Fought for Its Life Without Losing Its Soul, co-written with Joanne Gordon, was published in 2011. Remaining in Michigan after graduating from college, Schultz took a job at a ski lodge for a year. [127][128], Schultz supports gun control and universal background checks. By 1986, he had enough funding to open his first store, called Il Giornale. [52] During his tenure as the SuperSonics team owner, he was criticized for his navet and propensity to run the franchise as a business rather than a sports team. As Howard Schultz prepares to testify before Congress and steps down as interim CEO, is Starbucks doomed to follow in the footsteps of Dave Asprey's Bulletproof coffee. He stepped down as CEO in 2000, succeeded by Orin Smith. [134] In 2014, Schultz authored his first non-business book, For Love of Country: What Our Veterans Can Teach Us About Citizenship, Heroism, and Sacrifice, co-written with Rajiv Chandrasekaran. A year-and-a-half later, he announced his retirement from active management of the company. The group mostly invests in startups and consumer-focused companies. Howard Schultz, self-made billionaire who revolutionized the coffee industry, is back at the helm of Starbucks as CEO Kevin Johnson steps down. [17] By 1986, he had raised the money he needed to open the first store, Il Giornale, named after the Milanese newspaper of the same name. Now You Can", "Howard Schultz Calls This Business Book Author His 'Mentor', "Book review: 'Onward: How Starbucks Fought for Its Life Without Losing Its Soul' by Howard Schultz", "Nonfiction Book Review: Onward: How Starbucks Fought for Its Life Without Losing Its Soul by Howard Schultz with Joanne Gordon, Rodale, $25.99 (368p) ISBN 978-1-60529-288-5", "Review: Onward: How Starbucks Fought for Its Life Without Losing Its Soul", "Review: Howard Schultz tells story of Starbucks turnaround in newest book "Onward", "5 Books That Predict The Future Of Workplace Leadership", "For Love of Country: What Our Veterans Can Teach Us About Citizenship, Heroism, and Sacrifice", "Howard Schultz visits ASU, shares his life story, encourages bipartisanship", "People are flooding the Amazon page for Howard Schultz's new book with negative comments after the ex-Starbucks CEO said he was 'seriously considering' running for president", "Howard Schultz: America's New Banality Supervillain", "Former Starbucks CEO Howard Schultz Draws Protesters at Brattle Theatre Talk | News | The Harvard Crimson", "Hardcover Nonfiction Books Best Sellers Feb. 17, 2019 The New York Times", "44 Best-Selling Books of 2019 Everyone's Talking About", "Potential presidential hopeful Howard Schultz was an innovator in business, but in politics he's a traditionalist", "Howard Schultz Is Democrats' Chance to Bury Clintonism Forever", "The 2020 U.S. Presidential Race: A Cheat Sheet", "Here's what Howard Schultz says about hot political topics as speculation swirls about a possible presidential run", "Howard Schultz, Former Starbucks Chief, Won't Run for President in 2020", "It's election time. In response to a backlash from conservative and religious groups, Schultz told a shareholder meeting that opponents of the stance should "Sell your shares", and "buy shares in another company. [151] In line with this, Schultz advocates for a U.S.-centered unipolar world where countries work with America to ensure stability and peace. [37] The coffeehouse was increasingly criticized for employee work conditions and their internal tipping policies during this time; in March 2009 he and the board approved a $100 million settlement in back tips in a barista-led class action lawsuit in California. Language links are at the top of the page across from the title. [39] At this time, Schultz was earning a total compensation of $9.7 million, which included a base salary of $1.2 million, and stock options granted of $7.8 million. Access your favorite topics in a personalized feed while you're on the go. president. What is Magic Johnson's net worth? [19] Schultz was exposed to coffee in Italy on a buying trip to Milan, Italy in 1983. Schultz took the company public in 1992 and used a $271 million valuation to double their store count in a series of highly publicized coffee wars. 2023 Celebrity Net Worth / All Rights Reserved. He also. At the age of 29 in 1982, Schultz was hired by Starbucks as the director of marketing and retail operations. encouraging him to enter the contest. Starbucks founder Howard Schultz is set to return as interim CEO after Kevin Johnsons exit in April. A company that honors and respects the dignity of work and the dignity of all men and all women. [79] From the Ground Up was featured on The Wall Street Journal's bestseller list in February,[80] and was listed as a New York Times bestseller for 2019. Howard Schultz is an American billionaire entrepreneur who has a net worth of $3.5 billion. Reflects change since 5 pm ET of prior trading day. Schultz, along with the CEOs of Costco, and Whole Foods lobbied to have this provision removed from the bill, and a provision making it easier for unions to secure their first bargaining agreement. Schultz explored a 2020 presidential bid, but said in September 2019 that he would not run because it would risk the re-election of Donald Trump. [131] Within 24 hours of the executive order, Schultz wrote to his employees that recent immigrants and refugees, particularly those with strong ties to the U.S. military, would be fast-tracked to employment. Schultz attended the Boys' Club of New York as a youth, and went to Canarsie High School. At the time of the team's sale, it was speculated that the new owners would move the team to their city some time after the 20062007 NBA season. Howard has two siblings. [66] Kirkus Reviews praised the book's "immense detail" but critiqued Schultz's coverage of "outside criticisms of his performance". In addition, he makes $19,242,000 as President, Chief Executive Officer, and Director at Starbucks. Rosas had found that Starbucks had engaged in egregious and widespread misconduct in dealing with the unionizing efforts of its employees in Buffalo. Mr. Johnson served as Chief Executive Officer of Juniper Networks, Inc., a leading provider of high-performance networking products and services, from September 2008 to December 2013. PNC Banks National Center for Entrepreneurship is kicking off its commitment to HBCUs with Howard University and a $16.8 million investment. Mr. Johnson was a member of Microsofts Senior Leadership Team and held several senior executive positions over the course of his 16 years at Microsoft. [117] Schultz described the Coronavirus Aid, Relief, and Economic Security Act as insufficient, and criticized the Act's Paycheck Protection Program (PPP) for being a temporary solution. [102] During his exploratory 2020 presidential campaign, Schultz explained to multiple media outlets that, if elected, he wished to exclusively legislate with bipartisan support. Following large-scale distribution deals Starbucks became the largest coffee-house chain in the world. The sincerity of the good-faith effort was widely disputed by the way Bennett acted and by direct quotes from his partner Aubrey McClendon. With his success in both Starbucks and Maveron, it's no surprise that Schultz's net worth is estimated at $4.3 billion. [24] Schultz did not believe in franchising, and made a point of having Starbucks retain ownership of every domestic outlet. [176], Later in February, Schultz said he would stay out of the race if the Democrats nominated "a centrist Democrat. [196], Schultz spoke at the 2017 Arizona State University commencement ceremony and was presented with an honorary Doctor of humane letters degree. "[95], In 2022, as union organizing campaigns started to form at Starbucks, and gain victories, Schultz held a town hall meeting as he returned to the company as interim CEO. On average, Starbucks executives and independent directors trade stock every 18 days with the average trade being worth of $12,793,144. [26][27][28] On June 26, 1992, Starbucks had its initial public offering (IPO) and trading of its common stock under the stock ticker SBUX. "[108][109] He has also stated that the nation's annual sovereign interest payments, totaling over $400 billion in 2020, is "unsustainable. Schultz appeared before the United States Senate Committee on Health, Education, Labor and Pensions on March 29, 2023. [48] Kevin Johnson, the firm's president and chief operating officer for the previous two years, succeeded Schultz as CEO while Myron Ullman took over as chairman in June 2018. Schultz was succeeded by Kevin Johnson as CEO in April 2017 and Myron Ullman as chairman in June 2018. Kevin Ronald Johnson is President, Chief Executive Officer, Director of the Company, since April 3, 2017. [64], His first book, Pour Your Heart Into It: How Starbucks Built a Company One Cup at a Time was written in 1997 with Dori Jones Yang. Later, in 2014, Schultz established the Starbucks College Achievement Plan in collaboration with Arizona State University. [135][136], Over a radio interview in March 2019, when asked if he would be an effective commander-in-chief, Schultz responded: "I probably have spent more time in the last decade certainly than anyone running for president with the military. [146] Washington governor Jay Inslee, who was running against Schultz in the 2020 election, criticized him for his absence in state politics. ", Learn how and when to remove this template message, United States Senate Committee on Health, Education, Labor and Pensions, Seattle SuperSonics relocation to Oklahoma City, United States withdrawal from the Paris Agreement, Coronavirus Aid, Relief, and Economic Security Act, U.S. military withdrawal from Syria in 2019, run for president as an independent candidate, List of Northern Michigan University alumni, "Howard Schultz says he's not a Democrat, surprised by backlash", "Famous birthdays for July 19: Brian May, Anthony Edwardsl", "Starbucks CEO Kevin Johnson is retiring, and Howard Schultz is returning as interim chief", "Starbucks names Laxman Narasimhan as new CEO, starting in April", "Howard Schultz ends third stint as Starbucks CEO early", New York Times: "New Economy; How Starbucks was put on the defensive by an attack on the Internet rumor mill that would not go away" By Sherri Day, "Howard Schultz: I raise my frappuccino to the Brits", "Starbucks' Howard Schultz on how he became coffee king", Kellogg School of Management: "Howard Schultz and Starbucks Coffee Company" by, "NYCHA Chair Shola Olatoye delivers speech on the future of public housing at NAHRO conference in Washington", "NYCHA was my family's lifeline but now it needs to go", "Howard Schultz says he grew up in a poor, rough place. He is also part of the Boys Club of New York's Alumni and has a Lifetime Membership Card, which is a privilege we designate to those we consider special members of our BCNY community. [14], Schultz graduated from Canarsie High School in 1971. Consequently, Schultz left Starbucks in 1985 to open his own store, which soon received $150,000 in investment money from Starbucks and $100,000 from local doctor Ron Margolis. [183] Schultz is a noted coffee aficionado, reportedly drinking four to five cups of coffee every day. He is credited as Starbucks founder despite the company being founded in 1971 by Jerry Baldwin, Zev Siegl, and Gordon Bowker at Seattles Pike Place Market. "[137] His comments were criticized by Pete Buttigieg and Tulsi Gabbard, both of whom served in the military, for being tone deaf. [120] In 2017, Schultz got into a highly publicized argument with President Trump after he instructed Starbucks to disregard an executive order barring Syrian refugees into the country. The companys current CEO, Kevin Johnson, will step down next month after leading the multinational company for five years and working there for 13 years. [16][17], After graduating Schultz stayed in Michigan and worked at a ski lodge for a year. The oldest executive at Starbucks Corp. is MyronUllman, 73, who is the Independent Chairman of the Board. [76] His book received 1.9/5 stars on Amazon, after some Democratic voters gave negative reviews, due his possible candidacy splitting the Democratic vote. A couple of years later, the Starbucks management team which had decided to focus on another venture called Peet's Coffee & Tea sold its Starbucks retail unit to Schultz, who then rebranded Il Giornale with the Starbucks name. We welcome all corrections and feedback using the button below. This is significantly lower than the estimated investment of $1,100,000. [46], Schultz again stepped down as CEO in December 2016, assuming the position of executive chairman. His positions on domestic politics are socially liberal and fiscally moderate. probing Starbucks' treatment of unionized employees. However, Schultz dropped the lawsuit in August 2008. [115], Schultz is a vocal supporter of the free market. [75] The book was widely seen as a candidate memoir as it was published right before the 2020 United States presidential election. [47] From the 1980s to his retirement, a series of coffee wars increased Starbucks from 11 coffeehouses in Seattle to 28,000 stores in 77 countries. ", "Starbucks CEO will support Obama for another term", "STARBUCKS CEO HOWARD SCHULTZ'S HISTORY OF UNION-BUSTING", "Howard Schultz And Starbucks' Long History Of Fending Off Unions", "Interim Starbucks CEO Howard Schultz on labor unions", "Starbucks CEO Howard Schultz Says Companies Are Being 'Assaulted' by Unions", "In clash with Bernie Sanders, Starbucks' Howard Schultz insists he's no union buster", "Bernie Sanders confronts former Starbucks CEO Howard Schultz on company's labor practices", "Starbucks' Howard Schultz says your morning coffee ritual is under threat", "Howard Schultz is against a lot of things. In April 2009, Starbucks broke the $10 billion mark and hasn't looked back. Kevin R. Johnson (born October 9, 1960) is an American businessman and software engineer who was the president and chief executive officer (CEO) of Starbucks Coffee Company from 2017 to 2022. [107] In June 2018, Schultz stated in an interview that he thought the national debt is "the greatest threat domestically to the country" and that "we have to go after entitlements. At that time, Narasimhan was . The hearing came after a court ruling in New York on March 1. By 1997, Starbucks had over 1300 stores, had Starbucks coffee packaging in grocery stores, was available in Hawaii, Japan, and Singapore, had 5 million cumulative buyers in any one week, and projected net sales of over $1billion by the end of 1998. The vast majority of Johnson's wealth stems from his foray into various industries. Political scientist Larry Sabato said that Schultz's candidacy was likely to benefit Trump. [104], Schultz is averse to debt and, politically, is a deficit hawk. The estimated net worth of Laxman Narasimhan is approximately $23 Million dollars as of 2023. 2023 Forbes Media LLC. Who Owns Starbucks? [105][106] During his 2019 exploratory bid for the presidency, Schultz framed his candidacy as that of a socially liberal deficit hawk with fiscally moderate leanings. One employee who had been working to organize Starbucks workers in Arizona was fired just one hour after Schultz had finished speaking at his town hall. Prior to joining Microsoft in 1992, Mr. Johnson worked in International Business Machine Corp.s systems integration and consulting business. Schultz, was the chairman and CEO of Starbucks from 1987 to 2000, from 2008 to 2018, and as interim CEO from 2022 to 2023. [171] He was reportedly willing to spend $300 to $500 million on the 2020 election. [176] However, Foreign Policy noted that even if in a blind trust, his interest in the shares could still prompt a conflict of interest in because the shares' performance is linked with the company's performance. Down as CEO in April 2009, Starbucks broke the $ 10 mark! 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