Howard Schultz, the former CEO of Starbucks, will be stepping down from the company’s board, according to an announcement made on Wednesday. Schultz stated that he looks forward to supporting the next generation of leaders as the chairman emeritus, playing a role as a customer, supporter, and advocate for Starbucks in the future. The company revealed that this transition was planned, although Schultz did not provide a specific reason for his departure.
After serving as CEO of Starbucks for the third time, Schultz left the position in March. During his 11-month tenure, he implemented strategies to modernize the company’s cafes, enhance relations with baristas, and drive sales growth. He also led the launch of Starbucks Oleato, a line of olive oil-infused beverages. Prior to departing as CEO, Schultz confirmed that he had no intention of taking on the role again.
In June 2018, Schultz had previously resigned from Starbucks’ board to prepare for a potential presidential run, which he ultimately decided against. He had already handed over the CEO position to Kevin Johnson in 2017.
Wei Zhang will succeed Schultz on the board. Zhang, previously a senior advisor to Alibaba and president of Alibaba Pictures Group, brings valuable experience from the Chinese e-commerce giant. This expertise will be beneficial as Starbucks works to revive its Chinese business, which is the company’s second-largest market. Zhang has also held positions at News Corp China, CNBC China, Bain, and General Electric, and currently serves on Ralph Lauren’s board. With her appointment, Zhang becomes the third woman on Starbucks’ nine-person board, joining chair Mellody Hobson and Land O’Lakes CEO Beth Ford.
Source: CNBC
