Starbucks is bidding farewell to former CEO Howard Schultz after he stepped down from the corporate’s board on Wednesday, September 13, after over 40 years on the job and three stints on the high of the espresso large.
Schultz, who first served as CEO from 1987 to 2000 after which once more from 2008 to 2017, has been govt chairman and a member of the board since 2018. He returned to the place as interim CEO after Kevin Johnson stepped down from the function in April 2022. This time round, he solely held the job for 11 months earlier than saying Laxman Narasimhan as the corporate’s new CEO in October.
Starbucks is now honoring Schultz with the title of “lifelong Chairman Emeritus” within the wake of his exit from the board.
“I stay up for supporting this subsequent era of leaders to steward Starbucks into the long run as a buyer, supporter, and advocate in my function as chairman emeritus,” Schultz mentioned in a press launch.
Stephen Brashear/Getty Photos | Starbucks Chairman and CEO Howard Schultz speaks throughout Starbucks annual shareholders assembly March 18, 2015 in Seattle, Washington.
Wei Zhang, who previously served as president of Alibaba Photos Group and senior advisor to Alibaba, will likely be assuming Schultz’s seat on the board. She is about to step into the function on October 1.
Preserve scrolling for extra particulars about Howard Schultz and Wei Zhang.
Who Is Howard Schultz?
Howard Schultz was born on July 19, 1953, and was raised in Brooklyn, New York. He studied at Northern Michigan College earlier than happening to work in gross sales and advertising for the Xerox Company and a Swedish houseware firm.
He was first launched to Starbucks as a client in 1981 earlier than shifting to Seattle to be the corporate’s director of operations and advertising only one 12 months later, his firm biography states. He was made CEO in 1987.
When he first began, Starbucks solely had 4 areas, however he grew the model to over 3,000 shops by the point he stepped down from CEO the primary time in 2000. He labored as the corporate’s world chief strategist till returning to the function of CEO in 2008. At that time, Starbucks had 15,000 shops, however he expanded the model once more to 30,000 shops by the point he retired in 2018.
He has continued to be a member of the board since his retirement however briefly got here again as interim CEO in April 2022 till Laxman Narasimhan took on the job.
Schultz has been married to his spouse Sherri Kersch Shultz since 1982. Collectively they share two kids, Eliahu Jordan Schultz and Addison Schultz.
What Is Howard Schultz’s Web Price?
Howard Schultz has an estimated web price of $3.2 billion, per Forbes. Schultz can also be the founding father of the enterprise capital agency Maveron, the place he has invested in a number of main firms together with Groupon and Allbirds. He additionally began the Schultz Household Basis which focuses on coaching and hiring veterans.
Who Is Wei Zhang?
Wei Zhang’s election to Starbucks’ board of administrators makes her the third lady on the nine-seat board.
Along with her decade at Alibaba, the place she led the model’s company growth and technique, she additionally held roles at Information Corp China, CNBC China, Bain & Firm, and Common Electrical, per CNBC.
She’s at present a Ralph Lauren Company board member. Zhang has an extended historical past as a board member and previously sat on the boards of the Los Angeles Sports activities & Leisure Fee, Amblin Accomplice, the Jack Ma Basis, and extra.
“I have been a Starbucks buyer throughout the globe for many years,” Zhang mentioned in a press launch saying her new function. “I am honored to have the chance to work with the board and proficient management workforce to contribute to the facility, relevance, and resilience of the Starbucks enterprise and model – creating important worth for all stakeholders.”