- No Comments
- Alibaba Group Holding Ltd, Breaking News: Business, Business, business news, China, Howard Schultz, Lifestyle, News Corp Class A, Restaurants, Retail industry, Starbucks Corp
Starbucks Chairman and CEO Howard Schultz speaks on the Annual Meeting of Shareholders in Seattle, Washington on March 22, 2017.
Jason Redmond | AFP | Getty Images
“I stay up for supporting this subsequent era of leaders to steward Starbucks into the longer term as a buyer, supporter and advocate in my position as chairman emeritus,” Schultz stated in an announcement.
The firm stated the change was a part of a deliberate transition, however the 70-year-old Schultz did not present a motive for his exit.
His third stint as Starbucks’ chief govt ended in March, as Laxman Narasimhan stepped into the position. Schultz spent 11 months again within the high job. During that point, he crafted a technique to modernize the corporate’s cafes, enhance relations with its baristas and gas additional gross sales development. He additionally spearheaded the launch of Starbucks Oleato, a line of olive oil-infused drinks.
But a few of Schultz’s actions created new enemies. He took a extra aggressive method in opposition to baristas unionizing than Kevin Johnson, who took over as CEO after Schultz’s second stint. Starbucks Workers United and allies like Sen. Bernie Sanders made the billionaire Schultz the face of Starbucks’ anti-union stance. It culminated in Schultz being grilled in front of a Senate committee over the corporate’s alleged union busting shortly after he stepped down as chief govt.
Prior to his departure, Schultz told CNBC that he has no intention of taking the reins as CEO once more.
Schultz previously stepped down from Starbucks’ board in June 2018 to organize for a possible presidential run, earlier than deciding against a bid. He had already handed off the CEO position to Johnson in 2017.
As Schultz departs the board, Wei Zhang will take his seat. Zhang served as a senior advisor to Alibaba and president of Alibaba Pictures Group.
Her expertise with the Chinese e-commerce large might assist Starbucks because it tries to assist its Chinese business bounce back. China is Starbucks’ second-largest market, and a few traits there, like cellular ordering, have impressed adjustments to the corporate’s U.S. enterprise.
Zhang additionally beforehand held roles at News Corp China, CNBC China, Bain and General Electric. She presently serves on Ralph Lauren’s board.
She is the third girl on Starbucks’ nine-person board, which incorporates chair Mellody Hobson and Land O’Lakes CEO Beth Ford.
Disclosure: CNBC China is an affiliate of CNBC.