Starbucks chief Schultz retiring, may run for president

Starbucks chief Schultz retiring, may run for president

After Donald Trump, a former real estate developer and reality-television star, got into politics and won the presidential election in 2016, business leaders began eyeing a potential presidential bid in 2020. He gave an extended interview to the New York Times in advance, with an interview on CNBC scheduled for Tuesday morning. Schultz supported Hillary Clinton and Barack Obama.

"I want to be truthful with you without creating more speculative headlines", he told The New York Times in response to a question about his political aspirations.

Shultz said he wanted to "figure out if there is a role I can play in giving back". And now Shultz is finally leaving this other leading position.

Starbucks' board named Myron Ullman, previously chairman and CEO of struggling retailer JC Penney, as its new chair, and Mellody Hobson as vice chair effective upon Schultz's retirement.

Since joining the company in the 1980s, Schultz saw Starbucks grow from 11 outlets to 28,000 stores, along the way changing the expectations of consumers when it comes to coffee consumption. Still, the stock may be more volatile, especially around earnings reports, as investors worry the company will struggle without its visionary founder, he said.

"It's not going to solve racism, but I do believe it is the right thing to do at this time", Schultz said at the time. For me the answer is very simple. The company was recently thrown into a round of controversy after two black men were arrested in one of its stores in Philadelphia while waiting for a friend.

Last week, the company closed its United States stores for several hours for bias awareness training, one of the measures it promised after the men in Philadelphia were arrested as they waited for an associate but hadn't bought anything.

Schultz, who now will become its chairman emeritus, served as the company's chief executive from 1987 to 2000, stepping down to focus on the company's global strategy. He also was working on growing the chain's premium Reserve brand that includes flagship roastery locations, as well as the partnership with Italian bakery Princi. In April 2017, then-President and COO Kevin Johnson took over as CEO. It says he is writing a book about Starbucks' social impact efforts. They lost as much as 2.8 percent in late trading after Monday's announcement.

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