Starbucks chairman Howard Schultz has announced he is to step down from his role at the end of this month.
Schultz, who has overseen growth from 11 stores when he joined in 1987 to more than 28,000 stores in 77 countries at present, will become chairman emeritus following his departure.
He will be replaced as chairman by Myron E. Ullman, former chairman and chief executive of J.C. Penney.
Schultz’s departure has fuelled rumours that he may put himself forward as a candidate for the Presidential race in 2020.
In an open letter to staff, Schultz said: “As I prepare to step away, I’d like to humbly remind you not to lose sight of what matters most: your fellow partners and our customers. During all my years at Starbucks, in every weekly leadership meeting and quarterly board meeting, I always imagined two empty chairs in the room. One was for a partner and one for a customer. When I had to make a decision, I asked myself if the choice would make both proud. Today, I ask that you continue this tradition, and let the answer guide you. I promise the two chairs will serve you and the company well.”
