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Starbucks Executive Chairman Howard Schultz to Step Down

Howard Schultz announced Monday that he is stepping down as executive chairman of Starbucks on June 26, a move that “will most likely stoke speculation” that he intends to make a 2020 presidential bid, according to The New York Times. Schultz, who expanded the coffee giant to 28,000 stores in 77 countries over three decades, is interested in “giving back” but is not sure what that means, he said. “For some time now, I have been deeply concerned about our country—the growing division at home and our standing in the world,” he told the Times. When asked if he would consider running for president, Schultz said: “I intend to think about a range of options, and that could include public service. But I’m a long way from making any decisions about the future.” Schultz said his departure was going to be announced last month, but the incident at a Philadelphia Starbucks that sparked protests and racial-bias training put those plans on hold. Current JCPenney chairman Myron E. Ullman will become Starbucks’ new chairman, and Schultz will be given the honorary title chairman emeritus.