Howard Schultz stepping down as Starbucks CEO; current COO to replace him; VIDEO 1:05 01:05. As the President, Chief Executive Officer, and Director of Starbucks, the total compensation of Kevin Johnson at Starbucks is $19,242,000. [9][10] Schultz grew up in the Canarsie public housing projects. I'm not done serving Starbucks. [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. [189][190], In 1996, Howard and Sheri Schultz co-founded the Schultz Family Foundation, which supports Onward Youth, aimed at promoting employment for young people between the ages of 16 and 24 who are not in school and not working,[191][192] and Onward Veterans, which is poised to help post-9/11 military veterans to successfully transition to civilian life. [63] Organizational consultant Warren Bennis has influenced Schultz's writing. All Rights Reserved. According to MacroTrends, as of November 2022, Starbucks has a net worth of $114.27 billion. [181], In 1982, Schultz married Sheri Kersch, with whom he has two children. What is Magic Johnson known for? [123], Under his leadership Starbucks became the first U.S. company to offer part-time workers, particularly baristas, healthcare. He eventually grew the company to the massive empire it is today. [20] After a successful pilot of the cafe concept, Baldwin and Bowker were intrigued but, noting the high cost of espresso machines, the relative paucity of expertise for maintenance and repair of the machines in America, and Americans' lack of familiarity with the drink, they decided not to deploy Schultz's idea further and he stepped down from Starbucks to start his own business. "[73] The Washington Post published a similarly positive review. Starbucks net worth as of April 07, 2023 is $120.31B. [89] Since 2012, Schultz's public statements have led to press speculation that he would run for President of the United States. "But even if he is a multi-billionaire and the head of a giant corporation, he is not entitled to break the law," Sanders said in his opening remarks, referring to Schultz. [138] Schultz later apologized for his remarks. Former Starbucks CEO Howard Schultz, who is worth $3.7 billion, was incensed when he was labeled a billionaire during a Senate hearing on Wednesday. His positions on domestic politics are socially liberal and fiscally moderate. Stay up to date with what you want to know. [87][88], Schultz hosted a fundraiser in his Seattle home for John Edwards during the 2008 presidential election cycle, eventually donating to the campaigns of Hillary Clinton and Barack Obama. The Employee Free Choice Act never made it into law.[94]. His Schultz Family Foundation invests in training and hiring veterans and youths, helping veterans ensure a smooth transition back into civilian life. [195] Fortune went on to list him as the most generous CEO of 2015, for Starbucks' healthcare coverage, educational opportunities, and employee stock options. Mr. Johnson has been a Starbucks director since March 2009. [11][12] According to Schultz, his family was poor; although childhood contemporaries recount a middle-class upbringing. How much a company is worth is typically represented by its market capitalization, or the current stock price multiplied by the number of shares outstanding. He previously worked for many years at IBM and later Microsoft. The oldest executive at Starbucks Corp. is MyronUllman, 73, who is the Independent Chairman of the Board. ', "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? Howard Schultz returning as interim boss", "Why Schultz tuned out and sold out the Sonics", "Seattle Super Bowl Scores Points for Paul Allen, Sacks Howard Schultz", "Howard Schultz plans to sue Clay Bennett to get Sonics back", "Want to Learn Business Skills From Howard Schultz or Writing From Malcolm Gladwell? [21], Schultz rebranded Il Giornale with the Starbucks name, and expanded its reach across the United States. [179][180] While he had not officially endorsed Biden for the presidency at the time, Schultz had stated in interviews that he "admires" the candidate. Brandy Schultz founded Adventure Nannies to start a business and support her aspiring musician boyfriend, now husband, Wesley Schultz, lead singer of The Lumineers. ", "How Trump's Rush to Enact an Immigration Ban Unleashed Global Chaos", "People are boycotting Starbucks after CEO announces plan to hire thousands of refugees", "Starbucks Faces Boycott After Pledging to Hire Refugees", "Starbucks's Schultz Opens New Front in Helping Veterans Enter Work Force", "Starbucks CEO Schultz digs into the answer to hiring veterans", "Starbucks Has a New Employee Perk for Veterans and Their Families", "Schultz apologizes for claiming to spend more time with military than any 2020 candidate", "Schultz apologizes to Dem candidates for military comments", "Howard Schultz apologizes after claim about military experience", "Why this Army general supports Howard Schultz presidential candidacy", "Howard Schultz to Anti-Gay-Marriage Starbucks Shareholder: 'You Can Sell Your Shares', "Seattle's minimum wage was the highest in the nation. Schultz became CEO of Starbucks for the first time in 1986 and helped grow the company from . He also. Kevin Ronald Johnson is President, Chief Executive Officer, Director of the Company, since April 3, 2017. [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. He is also a supporter of raising minimum wages. In 2020 he described the treatment of business and capitalism by American society as "vilification". Schultz also owned the Seattle SuperSonics basketball team from 2001 to 2006. 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. By the end of 2021, Starbucks had amassed over 33,000 stores in 80 countries around the world. Schultz was succeeded by Kevin Johnson as CEO in April 2017 and Myron Ullman as chairman in June 2018. [197] In November 2017, the NAACP Legal Defense and Educational Fund presented Schultz with the National Equal Justice Award.[198]. [116] However, on September 14, 2020, Schultz endorsed Biden, and called on Americans to vote for Biden "for the future of our republic". [50], On March 20, 2023, two weeks before he was projected to turn the leadership of the company over to incoming CEO Laxman Narasimhan, Schultz stepped down as interim CEO of Starbucks. [39] From 2008 to 2017, Schultz oversaw nearly $100 billion added to the company's market capitalization. [81][82] Reuters rated the book highly, yet called it "caffeine free" for its inability to "harness his business success" in a potential White House run. There are no executives at Starbucks getting paid more. [186] He and Levitan primarily invest in start-up companies and seeding consumer-focused companies, such as eBay, Shutterfly, and Zulily. Chiarelli. In 1982, Schultz wed Sheri Kersch. In April 2009, Starbucks broke the $10 billion mark and hasn't looked back. . [133], In 2015, Schultz founded Onward Veterans, a private foundation to help post-9/11 military veterans transition to civilian life. [40] In the succeeding two years he doubled their annual purchase of fair trade coffee, up to, by some estimates, 40 million pounds. [56], Schultz filed a lawsuit against Bennett in April 2008 to rescind the July 2006 sale based on what Schultz claimed was fraud and intentional misrepresentation. [46], Schultz again stepped down as CEO in December 2016, assuming the position of executive chairman. [194] Schultz was named Fortune magazine's 2011 "Businessperson of the Year" for his initiatives in the economy and job market. Philanthropic Work: Supporting Veterans and Youth Employment "[164] Newspapers such as The Atlantic, billed Schultz as the "liberal Donald Trump" due to his comparable career as a businessman and wealth. Subsequently, he moved back to New York City and became a salesman for Xerox. [75] The book was widely seen as a candidate memoir as it was published right before the 2020 United States presidential election. Howard Schultz is an American billionaire entrepreneur who has a net worth of $3.5 billion. The estimated net worth of Laxman Narasimhan is approximately $23 Million dollars as of 2023. Returning in 2022, he serves as the Starbucks interim CEO, while searching for a successor. He first held that position from 1986 to 2000, and then again from 2008 to 2017 and again in an interim capacity in 2022. The vast majority of Johnson's wealth stems from his foray into various industries. Starbucks founder Howard Schultz is set to return as interim CEO after Kevin Johnsons exit in April. He has spoken against unionization by employees within his company. By 1986, he had enough funding to open his first store, called Il Giornale. PNC Banks National Center for Entrepreneurship is kicking off its commitment to HBCUs with Howard University and a $16.8 million investment. Remaining in Michigan after graduating from college, Schultz took a job at a ski lodge for a year. Howard Schultz is best known for serving as the CEO of the coffee chain Starbucks. [18] At Hammarplast, Schultz was responsible for the coffee machine manufacturer's U.S. operations, and in 1981 he visited the Starbucks Coffee Company in Seattle, Washington to fill their plastic cone filter orders. His first, "Pour Your Heart Into It: How Starbucks Built a Company One Cup at a Time," was co-written by Dori Jones Yang and published in 1997. 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. Schultz has written four books on business. [22] Another $100,000 investment came from local doctor Ron Margolis. Schultz also owned the Seattle SuperSonics basketball team from 2001 to 2006. Reflects change since 5 pm ET of prior trading day. Here's a look at what he's for", "Howard Schultz: Green New Deal is 'not realistic', "Starbucks CEO Howard Schultz Needs to Run for President Already", "Howard Schultz wants to have bipartisan meetings over 'coffee Starbucks coffee', "Howard Schultz's Latest Bipartisan Pipe Dream Shows He's a Political Idiot", "Howard Schultz Learned All the Wrong Lessons From His Childhood", "Analysis | Howard Schultz's 2020 policies: Reduce the debt, cut entitlements, oppose Medicare for all and taxes on wealthy", "Howard Schultz says he can win the support of a 'silent majority.' [171] He was reportedly willing to spend $300 to $500 million on the 2020 election. [91] He endorsed Democratic candidate Hillary Clinton in the 2016 United States presidential election. 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. In early 2006, he gave the Washington State Legislature an ultimatum that he would sell the SuperSonics if the state failed to approve the renovation of KeyArena or the development of a new arena for the team. By clicking Sign up, you agree to receive marketing emails from Insider [185] Although not firmly committing to sell his shares upon election, Schultz has expressed interest in setting up a blind trust to hold his shares. in communications. These thoughts were originally published in a 2012 edition of his memoir entitled "Pour Your Heart Into It: How Starbucks Built a Company One Cup at a Time". [36] While revenue was growing broadly, it was largely dependent on new store openings creating unsustainable (or inorganic) growth. No one gave it to me," Schultz said. Mr Schultz, who has a net worth of about $4.3 billion, estimates by Forbes magazine show, first joined Starbucks in 1982 and was chief executive from 1986 to 2000, during which he grew the company globally and took it public on the Nasdaq. [93], In 2009, a bill known as the Employee Free Choice Act was being proposed by the 111th Congress for passage into law by government officials. 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. But Sanders cut Schultz off, saying that the committee did not have time for the matter. If they had faith in me and my motives, they wouldn't need a union. In December of 2016, Schultz again left his CEO post at Starbucks, and became executive chairman. [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. Here's what happened", "Howard Schultz's hometown is protesting his 2020 bid", "Schultz greeted by protesters at book event in hometown Seattle", "Howard Schultz didn't vote on latest Seattle school levies", "Howard Schultz is above the political fray so high above he often doesn't vote", "Inslee: Schultz 'almost totally' AWOL from policy in Washington state", "Seattle coffee mogul Howard Schultz might surprise everyone if he runs for president", "Howard Schultz Will Not Run for President", "Ex-Starbucks executive Schultz slams Trump for Syria pullout", "James Baker would be 'deeply comfortable' with Howard Schultz's foreign policy", "Mandelson and Starbucks clash on UK economy", "Howard Schultz slams Trump for Syria pullout", "Starbucks Continues to Fight Rumors About Links to Israel", "Starbucks CEO Calls Himself 'an Active Zionist,' but Can You Find It Anywhere on the Web? [19] Schultz was exposed to coffee in Italy on a buying trip to Milan, Italy in 1983. [102][159] However, Schultz "batted down" these reports days later and confirmed that he was not running for political office. After serving as the chief global strategist for eight years, he returned in early 2008 to the position of CEO. The sincerity of the good-faith effort was widely disputed by the way Bennett acted and by direct quotes from his partner Aubrey McClendon. [187] As of July 2014, the venture capital firm was worth $1.3 billion in assets under management (AUM). 2023 Celebrity Net Worth / All Rights Reserved. His second book, Onward: How Starbucks Fought for Its Life Without Losing Its Soul, co-written with Joanne Gordon, was published in 2011. 2023 Forbes Media LLC. [127][128], Schultz supports gun control and universal background checks. [84][85] Schultz's political positions are similar to the Democratic Party platform. When you go to sell a Starbucks store based on the median multiple of .36 and net sales estimate of $1,235,000, it would sell for $444,600. Schultz left Starbucks in 1985 to open a store of his own. We welcome all corrections and feedback using the button below. When unions were able to form at the company, they disbanded soon afterward, due to corporate reaction to their formation. In early 2001, he led a group of investors in the purchase of the NBA's Seattle SuperSonics and the WNBA's Seattle Storm. [4][5] On March 20, 2023, Schultz announced that he would be stepping down early from the position. [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. Laxman Narasimhan's net worth in 2023 is estimated to be around $25 million and is expected to grow even more with his new role. Published by Statista Research Department , Nov 29, 2022. 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. [151], At the start of the 2012 United States presidential election Schultz's name was floated as a potential Democratic candidate. [41] By the end of 2009, 65% of all coffee product was fair trade and by 2015, nearly all of it was. Global coffeehouse chain Starbucks reported a net income amounting to 3.28 billion U.S. dollars during . [151] In line with this, Schultz advocates for a U.S.-centered unipolar world where countries work with America to ensure stability and peace. Narasimhan's net worth in 2019 was estimated to be about $24.4 million, Benzinga reports. [49] Schultz would return to the role of CEO in an interim position following Johnson departing the position in March 2022. He also served on the Board of Directors of Juniper Networks from September 2008 through February 2014. Starbucks: Howard Schultz, https://en.wikipedia.org/w/index.php?title=Howard_Schultz&oldid=1149369807, American chief executives of food industry companies, Women's National Basketball Association executives, American people of Austrian-Jewish descent, American people of Russian-Jewish descent, Articles with dead external links from October 2022, Articles with permanently dead external links, Short description is different from Wikidata, Articles with a promotional tone from April 2020, Pages using infobox person with multiple parents, Articles with specifically marked weasel-worded phrases from May 2020, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 11 April 2023, at 20:13. He is worth $3.7 billion, per Forbes as of Wednesday. He declined to join all three contests. According to Fortune, he was positioned to be a "worthy party back-up to [Hillary] Clinton. [90] According to OpenSecrets, an organization that tracks money donated to politicians, and political parties, Schultz donated to Barack Obama's 2008 presidential campaign twice, once on June 30, 2007, for $2,300, and again on October 24, 2008, for $2,300. During this time, Starbucks was being heavily criticized for its employee labor conditions and tipping policies. Schultz maintained during the Senate hearing that, in his opinion, Starbucks has never broken labor laws and that working at the coffee chain is "the best first job in America. [15] He attended Northern Michigan University (NMU) from 1971 to 1975, graduating with a B.A. 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. Starbucks CEO Howard Schultz Could Face Subpoena To Testify Before Congress, Bernie Sanders Says, Starbucks Stock Drops After Massive Decline In China Sales, Starbucks Stock: Starbucks Financial Performance Under Howard Schultz, Q.ai - Powering a Personal Wealth Movement, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. In the town hall Schultz said that Starbucks was "under assault from unionization", "outside forces", and that Starbucks did not need an intermediary between management, and labor. [104], Schultz is averse to debt and, politically, is a deficit hawk. "[174] His first town hall in Seattle received mixed reception with protestors holding up "venti mistake" and "grande ego" banners while his actual speech was well received. Heres a look at his net worth. After two years, Starbucks' management committee sold its entire retail unit to Schultz. [7][8] Fred Schultz was a truck driver. [42] In addition to his board membership with Starbucks Schultz was an early and significant stakeholder in Jamba Juice in 2011,[43] and on the board of payment processing company, Square, Inc. until 2014. Howard Schultz grew up in an extremely poor family. Based on its revenue and profits from the past three years, Starbucks' net worth is $19.729 billion. [89] He continued to publicly bemoan the political climate at the time, saying he was "not optimistic about the leadership" of the U.S. on national television. In addition, he makes $19,242,000 as President, Chief Executive Officer, and Director at Starbucks. In June 2014, Schultz announced that every Starbucks employee will be able to take free online college classes from Arizona State. He became their Director of Marketing. What is Howard Schultz's Net Worth? He proved to be an excellent athlete and subsequently received an athletic scholarship to Northern Michigan University. [165], After Schultz stepped down from Starbucks in 2018, political commentators speculated whether he would run in the 2020 United States presidential election. A neoliberal technocrat, Schultz supports free trade, tax reform, gun control, and a balanced budget. 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. [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. [71] The book discussed the U.S. military's role in the Iraq War and War in Afghanistan, and their transitions back into civilian life. While working there, he was introduced to a group of Seattle-based coffee makers that had started a company called Starbucks Coffee Company. [99] He has opposed the United States withdrawal from the Paris Agreement. president. "[61], Schultz has written four books, three of which incorporate business memoir-style narratives. Starbucks quarterly sales in China dropped an eye-popping 28%, contributing to a revenue estimate miss CEO Howard Schultz blamed on unprecedented, COVID-related headwinds.. "[111], Throughout the 2018 start and continuation of the U.S. trade war against China, Schultz has been critical of its motivations and handling, and has called for a reduction of trade tariffs and other import-export taxes. meet laxman narasimhan the new ceo of starbucks know about his life education career and net worth; . Kevin's mailing address filed with the SEC is C/O GOLDMAN SACHS & CO. LLC, 200 WEST STREET, NEW YORK, NY, 10282. You cannot go back. Schultz attended the Boys' Club of New York as a youth, and went to Canarsie High School. [144] His voting record in Seattle has been described by The Seattle Times as a "pattern of ignoring many local elections over the decades. Among his other ventures, Schultz and investment banker Dan Levitan founded the venture capital firm Maveron in 1998. His fourth book, a candidate memoir entitled "From the Ground Up: A Journey to Reimagine the Promise of America," came out in 2019. The 68-year-old businessman and author is approximately worth $4 billion, as per Forbes. Schultz grew up in a Brooklyn housing project. As Starbucks has continued to grow it now has annual sales of more than $16 billion so has Schultz's fortune. [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. By: The Drivin' & Vibin' Team. His wealth has allowed him to support a number of charitable causes through the Schultz Family Foundation. [30] On June 1, 2000, Schultz stepped down as CEO of Starbucks, moving to the new position of chief global strategist to help the company expand internationally. "[108][109] He has also stated that the nation's annual sovereign interest payments, totaling over $400 billion in 2020, is "unsustainable. Kevin Johnson is 59, he's been the President, Chief Executive Officer, and Director of Starbucks since 2017. [55] On July 18, 2006, Schultz sold the team to Clay Bennett, chairman of the Professional Basketball Club LLC, an Oklahoma City ownership group, for $350million, after having failed to convince the city of Seattle to provide public funding to build a new arena in the Greater Seattle area to replace KeyArena. [17] He then took up a job in New York City as a salesman for Xerox, and was recruited by Swedish kitchenware manufacturer PAI Partners in 1979 to be general manager of its U.S. subsidiary, Hammarplast. Several years ago, I stood near a trailer park in downtown Las Vegas, listening to Zappos founder Tony Hsieh explain why the city didnt really have a water problem. Will Howard Schultz run for president? When Bennett purchased the SuperSonics and its sister franchise in the WNBA, the Seattle Storm, for $350million, he agreed to a stipulation that he would make a "good-faith best effort" for one year to keep both teams in Seattle. ", 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. 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