Howard Schultz to step down as Starbucks executive chairman

Starbucks CEO Howard Schultz speaks at the coffee companys annual shareholders meeting in Seattle

Starbucks Chairman Howard Schultz will leave the coffee chain later this month.

Schultz, 64, became director of operations and marketing at Starbucks in 1982.

Schultz's move comes after he ceded the day-to-day duties of CEO at Starbucks previous year to focus on innovation and social-impact projects as executive chairman.

Last week, the company closed its U.S. 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 will also resign from Starbucks' board and will be named chairman emeritus, the company said.

According to aNew York Times report, Schultz told the company previous year he planned on retiring.

In an interview with the New York Times, Mr Schultz did not rule out a run for president.

These are things analysts predict to be heard at Apple developer conference
IOS 12 will finally allow iPhones and Apple Watches to work with NFC-enabled transit systems, ID systems, auto doors, and more . Apple's AirPower wireless charging mat was announced with the iPhone 8 and iPhone X , promised for sometime this year.

'For some time now, I have been deeply concerned about our country - the growing division at home and our standing in the world'. When the Times asked him directly if he's considering a run for president, he didn't say no. I'm sure nothing will drum up nationwide political interest like the prospect of a coffee billionaire from Seattle running.

"I'll be thinking about a range of options for myself, from philanthropy to public service, but I'm a long way from knowing what the future holds", he said in a letter to employees.

During his four decades as ceo and chairman, Schultz grew Starbucks from 11 stores to more than 28,000 stores in 77 countries, while demonstrating that a business can simultaneously deliver best-in-class financial performance and share success with its people and the communities it serves.

Starbucks said Mr Schultz planned to write a book and spend time with his family this summer.

The move followed the April 12 arrest of two black men in a Philadelphia Starbucks, which sparked outrage, protests and soul-searching about racial tensions that have been exacerbated under President Trump.

Myron Ullman, the former chairman and CEO of retail giant J.C. Penney, will replace Schultz as executive chairman of the board.

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