Howard Schultz is stepping down as the executive chairman of Starbucks Corp.'s board, effective June 26.
Schultz, who will now become the company's chairman emeritus, will also step down as a board member of the company. The executive joined the company in 1982 and his tenure in various roles, including CEO, spanned four decades. There has been speculation that Schultz might run for president of the United States.
When asked if he was considering running for president, the executive told The New York Times on June 4 that he intends to think about a range of options, including public service, but he is a "long way from making any decisions about the future." Separately, in a memo on the company's website, Schultz said he is looking at options for himself, including philanthropy.
The coffee company appointed Myron Ullman, former chairman and CEO of J.C. Penney Co. Inc., chairman, while Mellody Hobson, president and director of investment management firm Ariel Investments, will be named vice chairman.
Starbucks recently faced backlash after the arrest of two black men at one of the company's cafes in Philadelphia.
Schultz told The New York Times on June 4 that he and the board expected to announce his departure in April, but could not follow through with the plan due to the Philadelphia crisis.
"For some time now, I have been deeply concerned about our country — the growing division at home and our standing in the world," Schultz told the The New York Times. "One of the things I want to do in my next chapter is to figure out if there is a role I can play in giving back."
Starbucks credited Schultz with growing Starbucks from 11 stores to more than 28,000 stores in 77 countries over his time with the company.
