Former Starbucks CEO Howard Schultz speaks on the Annual Assembly of Shareholders in Seattle, March 22, 2017.
Jason Redmond | AFP | Getty Photographs
Former Starbucks CEO Howard Schultz is stepping down from the espresso chain’s board, the firm stated Wednesday.
“I stay up for supporting this subsequent era of leaders to steward Starbucks into the long run as a buyer, supporter and advocate in my function as chairman emeritus,” Schultz stated in a press release.
The corporate stated the change was a part of a deliberate transition, however Schultz, 70, did not present a motive for his exit.
His third stint as Starbucks’ chief government resulted in March, as Laxman Narasimhan stepped into the function. Schultz spent 11 months again within the high job. Throughout that point, he crafted a technique to modernize the corporate’s cafes, enhance relations with its baristas and gas additional gross sales development. He additionally spearheaded the launch of Starbucks Oleato, a line of olive oil-infused drinks.
However a few of Schultz’s actions created new enemies. He took a extra aggressive method in opposition to baristas unionizing than Kevin Johnson, who took over as CEO after Schultz’s second stint. Starbucks Employees United and allies reminiscent of Sen. Bernie Sanders made billionaire Schultz the face of Starbucks’ anti-union stance. It culminated in Schultz being grilled in entrance of a Senate committee over the corporate’s alleged union busting shortly after he stepped down as chief government.
Previous to his departure, Schultz informed CNBC that he has no intention of taking the reins as CEO once more.
Schultz beforehand stepped down from Starbucks’ board in June 2018 to arrange for a possible presidential run, earlier than deciding in opposition to a bid. He had already handed off the CEO function to Johnson in 2017.
As Schultz departs the board, Wei Zhang will take his seat. Zhang served as a senior advisor to Alibaba and president of Alibaba Footage Group.
Her expertise with the Chinese language e-commerce big might support Starbucks because it tries to assist its Chinese language enterprise bounce again. China is Starbucks’ second-largest market, and a few developments there, reminiscent of cell ordering, have impressed modifications to the corporate’s U.S. enterprise.
Zhang additionally beforehand held roles at Information Corp China, CNBC China, Bain and Basic Electrical. She presently serves on Ralph Lauren’s board.
She is the third girl on Starbucks’ nine-person board, which incorporates chair Mellody Hobson and Land O’Lakes CEO Beth Ford.
Disclosure: CNBC China is an affiliate of CNBC.
