A Senate Committee will vote whether to subpoena Starbucks CEO Howard Schultz to testify about alleged efforts to block employee unionization efforts, after the company denied senators request for the outgoing CEO to appear voluntarily. The law would allow unions to form by simply gathering a majority of signatures in the workplace, what is known as a "card check", obviating the need to have secret ballot union-elections. By clicking Sign up, you agree to receive marketing emails from Insider [72] In writing a review for The Wall Street Journal U.S. Army major general Robert H. Scales stated "after reading this moving book I'll not likely pass a Starbucks again without stopping for a patriotic cup. Schultz called the lawmakers' characterization of his wealth "unfair.". 2023 Forbes Media LLC. The current CEO, Kevin Johnson Johnson, 61, will retire on April 4 this year and serve as a special consultant to the company and its board till September. When Bennett purchased the SuperSonics and its sister franchise in the WNBA, the Seattle Storm, for $350million, he agreed to a stipulation that he would make a "good-faith best effort" for one year to keep both teams in Seattle. He graduated in the early 70s with a degree in Communications and began working for Xerox. The most active insiders traders include Howard D Schultz, Sheryl Sandberg, and Gregory B Maffei. The Senate on Wednesday probed Starbucks' treatment of unionized employees. Howard D. Schultz (born July 19, 1953)[2] is an American businessman and author who served as the chairman and chief executive officer of Starbucks from 1986 to 2000, from 2008 to 2017, and as interim CEO from 2022 to 2023. [76] His book received 1.9/5 stars on Amazon, after some Democratic voters gave negative reviews, due his possible candidacy splitting the Democratic vote. The vast majority of Johnson's wealth stems from his foray into various industries. "[173] In response to claims that his candidacy would benefit Trump, Schultz said, "Nobody wants to see Donald Trump removed from office more than me. Access your favorite topics in a personalized feed while you're on the go. [3], Schultz is the owner of 'PI', a 77-metre luxury superyacht built by Feadship for $120 million. No one gave it to me.". In both the 2008 and 2012 United States presidential election he endorsed the presidential candidacy of Barack Obama. The Senate Health, Education, Labor and Pensions Committee, including Sen. Bernie Sanders, referred to Schultz as a billionaire several times during the hearing. [176] He had, however, promised to release all of his tax returns if elected. Howard has two siblings. Bachelor of Arts/Science, Northern Michigan University. He is an outspoken neoliberal. I came from nothing. "[163] Schultz wrote a New York Times op-ed on August 6, 2015, denying this, stating, "Despite the encouragement of others, I have no intention of entering the presidential fray. By 1997, Starbucks had over 1300 stores, had Starbucks coffee packaging in grocery stores, was available in Hawaii, Japan, and Singapore, had 5 million cumulative buyers in any one week, and projected net sales of over $1billion by the end of 1998. His next book was 2011's "Onward: How Starbucks Fought for its Life Without Losing its Soul," co-written by Joanne Gordon. He is credited as Starbucks founder despite the company being founded in 1971 by Jerry Baldwin, Zev Siegl, and Gordon Bowker at Seattles Pike Place Market. Topline Starbucks announced Thursday that former PepsiCo executive Laxman Narasimhan will succeed Howard Schultz as its CEO, as the company wrangles with issues from a massive unionization push. The hearing came . Kevin has made over 25 trades of the Starbucks stock since 2007, according to the Form 4 filled with the SEC. [41] Schultz arranged the appointment of the coffeehouse's first chief technology officer. Interactive chart of historical net worth (market cap) for Starbucks (SBUX) over the last 10 years. "Yes, I have billions of dollars," Schultz added. [37] The coffeehouse was increasingly criticized for employee work conditions and their internal tipping policies during this time; in March 2009 he and the board approved a $100 million settlement in back tips in a barista-led class action lawsuit in California. By 1986, he had enough funding to open his first store, called Il Giornale. [124][125][126] Schultz is against Medicare for All. Schultz attended the Boys' Club of New York as a youth, and went to Canarsie High School. probing Starbucks' treatment of unionized employees. [15] He attended Northern Michigan University (NMU) from 1971 to 1975, graduating with a B.A. The oldest executive at Starbucks Corp. is MyronUllman, 73, who is the Independent Chairman of the Board. [140], In 2012, Schultz had Starbucks express support for Washington state's Referendum 74, which legalized same-sex marriage in that state. [110], Starbucks took an institutional stance in favor of same-sex marriage in 2013 (two years prior to US Federal recognition). [42] In addition to his board membership with Starbucks Schultz was an early and significant stakeholder in Jamba Juice in 2011,[43] and on the board of payment processing company, Square, Inc. until 2014. [165], After Schultz stepped down from Starbucks in 2018, political commentators speculated whether he would run in the 2020 United States presidential election. On average, Kevin trades about 30,509 units every 75 days since 2007. [187] As of July 2014, the venture capital firm was worth $1.3 billion in assets under management (AUM). [120] He has vocally criticized Republican-led efforts to repeal the ACA as uncooperative. He became their Director of Marketing. [38] He led a mass-firing of executives, closed down hundreds of stores, and temporarily closed all U.S. locations to retrain employees in making espresso. In April 2009, Starbucks broke the $10 billion mark and hasn't looked back. Mr. Johnson was a member of Microsofts Senior Leadership Team and held several senior executive positions over the course of his 16 years at Microsoft. "[71] It was later added to the Times' 2014 Winter Reading List. There was no return for Starbucks after this. [77] Rolling Stone called the book "stunningly boring" and an "autobiography of a pretentious oligarch. In June 2014, Schultz announced that every Starbucks employee will be able to take free online college classes from Arizona State. In 2020 he described the treatment of business and capitalism by American society as "vilification". During these union organizing campaigns by Starbucks employees, the corporation has been firing employees who have engaged in unionizing. Through his VC firm Maveron Capital, Schultz invests in other consumer businesses such as Groupon, Madison Reed, Allbirds and Lucy. Rosas had found that Starbucks had engaged in egregious and widespread misconduct in dealing with the unionizing efforts of its employees in Buffalo. Following large-scale distribution deals Starbucks became the largest coffee-house chain in the world. . [129] Later in September, as CEO, Schultz asked customers to no longer bring guns into its stores. [83], Schultz is an outspoken neoliberal, centrist, technocratic, and political independent. Beyond his work at Starbucks, Schultz has been involved in the executive world of professional basketball. He stepped down as CEO in 2000, succeeded by Orin Smith. Howard Schultz is best known for serving as the CEO of the coffee chain Starbucks. [130], Schultz has supported a pathway to citizenship for illegal immigrants who had entered the U.S. as children. [25] Schultz's positioning of Starbucks as a social hub is widely seen as introducing the second wave of coffee culture in the U.S., particularly in Seattle. When unions were able to form at the company, they disbanded soon afterward, due to corporate reaction to their formation. Sign up for notifications from Insider! During the 2008 financial crisis, Schultz returned as chief executive. [93], In 2009, a bill known as the Employee Free Choice Act was being proposed by the 111th Congress for passage into law by government officials. [39] At this time, Schultz was earning a total compensation of $9.7 million, which included a base salary of $1.2 million, and stock options granted of $7.8 million. Following his graduation in 1971, he attended Northern Michigan University. According to MacroTrends, as of November 2022, Starbucks has a net worth of $114.27 billion. Starbucks Closes Stores, Pulls Products, Launches Credit Card Starbucks went public in. Mr. Johnson SBUX stock SEC Form 4 insiders trading [7][8] Fred Schultz was a truck driver. Schultz, was the chairman and CEO of Starbucks from 1987 to 2000, from 2008 to 2018, and as interim CEO from 2022 to 2023. [3] His exploration of running for political office has prompted calls for him to sell all of his stock holdings in Starbucks to appease any conflict of interest. [39] From 2008 to 2017, Schultz oversaw nearly $100 billion added to the company's market capitalization. Mr Schultz, who has a net worth of about $4.3 billion, estimates by Forbes magazine show, first joined Starbucks in 1982 and was chief executive from 1986 to 2000, during which he grew the company globally and took it public on the Nasdaq. Howard Schultz grew up in an extremely poor family. Growing up poor, he was raised in the Canarsie public housing projects. [133], In 2015, Schultz founded Onward Veterans, a private foundation to help post-9/11 military veterans transition to civilian life. [196], Schultz spoke at the 2017 Arizona State University commencement ceremony and was presented with an honorary Doctor of humane letters degree. [107] In June 2018, Schultz stated in an interview that he thought the national debt is "the greatest threat domestically to the country" and that "we have to go after entitlements. You can see the complete history of Mr. Johnson stock trades at the bottom of the page. [56], Schultz filed a lawsuit against Bennett in April 2008 to rescind the July 2006 sale based on what Schultz claimed was fraud and intentional misrepresentation. Wallmine reveals that the current Starbucks CEO's net worth is approximately $90 million. "[174] His first town hall in Seattle received mixed reception with protestors holding up "venti mistake" and "grande ego" banners while his actual speech was well received. Big business decisions are being made at Starbucks as the coffee-giant navigates a post-pandemic market in 2022. Building A Unicorn: 9 Lessons From Howard Schultz Of Starbucks, Howard University And PNC Bank Spur Black Entrepreneurship Wave With Nearly $17 Million, The Top 10 Richest Women In The World 2023, Forbes Daily: Starbucks Schultz: I Earned It , Former Starbucks CEO Schultz Defends Billionaire Status In Heated Exchange With Bernie Sanders: I Earned It, How This Developer Is Tackling The Water Crisis With Howard Buffetts Help, Considerations For New Starbucks CEO Laxman Narasimhan To Improve The Company, Adventure Nannies Brandy Schultz Shares How She Scaled A 7-Figure Niche Childcare Business. He has spoken against unionization by employees within his company. [119], Schultz said he supported "comprehensive tax reform" in January 2019. Kevin Johnson is 59, he's been the President, Chief Executive Officer, and Director of Starbucks since 2017. A couple of years later, the Starbucks management team which had decided to focus on another venture called Peet's Coffee & Tea sold its Starbucks retail unit to Schultz, who then rebranded Il Giornale with the Starbucks name. [139] Schultz's tentative 2020 presidential candidacy was endorsed by former U.S. Army General Peter W. On March 16, 2022, Starbucks announced that CEO Kevin Johnson was retiring, and that Howard Schultz would take over as interim CEO until Laxman Narasimhan took over as CEO in April 2023. The sincerity of the good-faith effort was widely disputed by the way Bennett acted and by direct quotes from his partner Aubrey McClendon. In a piece published by Reuters, the news organization noted Schultz's overall vision on unions, and their place at Starbucks. A year-and-a-half later, he announced his retirement from active management of the company. Global coffee and food retailer Starbucks operates more than 30,000 stores in 80 markets. [132] President Trump then called on his supporters to boycott Starbucks. Net income of Starbucks 2007-2022. ", "Friends Of Starbucks' CEO Want Him To Run Against Hillary", "Opinion | Howard Schultz: America Deserves a Servant Leader", "Is Starbucks's Howard Schultz the Liberal Donald Trump? As of this writing, Starbucks has a market capitalization north of $100 billion. [75] The book was widely seen as a candidate memoir as it was published right before the 2020 United States presidential election. [36] While revenue was growing broadly, it was largely dependent on new store openings creating unsustainable (or inorganic) growth. Schultz took the company public in 1992 and used a $271 million valuation to double their store count in a series of highly publicized coffee wars. Reflects change since 5 pm ET of prior trading day. The hearing came after a court ruling in New York on March 1. During Schultz's tenure, in 1992, Starbucks went public and has become one of the world's top brands, with a market cap of $118 billion. After two years, Starbucks' management committee sold its entire retail unit to Schultz. [46], Schultz again stepped down as CEO in December 2016, assuming the position of executive chairman. [102] During his exploratory 2020 presidential campaign, Schultz explained to multiple media outlets that, if elected, he wished to exclusively legislate with bipartisan support. Schultz also owned the Seattle SuperSonics basketball team from 2001 to 2006. Howard M. Schultz (2) FORTUNE", "Starbucks Chairman and CEO Howard Schultz to speak at ASU commencement", "The Moment is Now: NAACP legal 31st Annual National Equal Justice Awards", How I Built This Live Episode! Returning in 2022, he serves as the Starbucks interim CEO, while searching for a successor. Starbucks founder Howard Schultz is set to return as interim CEO after Kevin Johnsons exit in April. Wallmine reveals that the current Starbucks CEOs net worth is approximately $90 million. A company that honors and respects the dignity of work and the dignity of all men and all women. Howard Schultz took charge of Starbucks in the 1980s and turned a regional coffee company into one of the world's top brands. ", "Israel, Starbucks and the new irrationalism", "Is Howard Schultz an Asset or a Liability for Starbucks? "[108][109] He has also stated that the nation's annual sovereign interest payments, totaling over $400 billion in 2020, is "unsustainable. As Howard Schultz prepares to testify before Congress and steps down as interim CEO, is Starbucks doomed to follow in the footsteps of Dave Asprey's Bulletproof coffee. "[121] His response was widely publicized, with The Washington Post stating: "Schultz [did] something CEOs rarely do: He told off a shareholder. I earned it. [118] On April 21, he called for the federal government to institute a "Marshall Plan" for small business, in the form of federally-backed loans. Net worth: $60 million (estimated) Kevin Johnson is the CEO of Starbucks, the coffee chain founded by Howard Schultz. [6], Howard D. Schultz was born on July 19, 1953, to Ashkenazi Jewish parents, Fred and Elaine Schultz, in Brooklyn, New York. [188] As of July 2022, Schultz's net worth is US$3.9 billion. Former Starbucks CEO Howard Schultz, who is worth $3.7 billion, was incensed when he was labeled a billionaire during a Senate hearing on Wednesday. Schultz was ultimately declined, prompting him to sell the team and its WNBA sister franchise to Oklahoma City Thunder executive Clay Bennett. Schultz remained in the position of CEO until 2000, when he stepped down to become the company's chief global strategist. Subsequently, he moved back to New York City and became a salesman for Xerox. Starbucks: Howard Schultz, https://en.wikipedia.org/w/index.php?title=Howard_Schultz&oldid=1149369807, American chief executives of food industry companies, Women's National Basketball Association executives, American people of Austrian-Jewish descent, American people of Russian-Jewish descent, Articles with dead external links from October 2022, Articles with permanently dead external links, Short description is different from Wikidata, Articles with a promotional tone from April 2020, Pages using infobox person with multiple parents, Articles with specifically marked weasel-worded phrases from May 2020, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 11 April 2023, at 20:13. Here's what happened", "Howard Schultz's hometown is protesting his 2020 bid", "Schultz greeted by protesters at book event in hometown Seattle", "Howard Schultz didn't vote on latest Seattle school levies", "Howard Schultz is above the political fray so high above he often doesn't vote", "Inslee: Schultz 'almost totally' AWOL from policy in Washington state", "Seattle coffee mogul Howard Schultz might surprise everyone if he runs for president", "Howard Schultz Will Not Run for President", "Ex-Starbucks executive Schultz slams Trump for Syria pullout", "James Baker would be 'deeply comfortable' with Howard Schultz's foreign policy", "Mandelson and Starbucks clash on UK economy", "Howard Schultz slams Trump for Syria pullout", "Starbucks Continues to Fight Rumors About Links to Israel", "Starbucks CEO Calls Himself 'an Active Zionist,' but Can You Find It Anywhere on the Web? age of empires 2 emulator, 188 ] as of this writing, Starbucks and the New irrationalism,... 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