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Starbucks CEO Resigns from Company Amid Rumors of a Presidential Run


It looks like another businessman may be interested in running America.

Howard Schultz, Starbucks’ (NASDAQ:SBUX) chairman and former CEO, has recently announced that he is stepping down from the global coffee chain powerhouse after being with the company for four decades.

Schultz, a self-made billionaire, has been with Starbucks since the late 1980’s.

In a letter to current and former employees of Starbucks (NASDAQ:SBUX), Schultz wrote, “Who could have imagined how far we would travel together, from 11 stores in 1987 to more than 28,000 stores in 77 countries. But these numbers are not the true measures of our success. Starbucks changed the way millions of people drink coffee, this is true, but we also changed people’s lives in communities around the world for the better.”

Rumors have been circulating that the former executive may be interested in running for president.

When speaking to the New York Times, Schultz had said, “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. I’m not exactly sure what that means.”

He had said, “I want to be truthful with you without creating more speculative headlines. For some time now, I have been deeply concerned about our country ​– the growing division at home and our standing in the world.​”​

When asked by the Times about running for president, Schultz said, “I intend to think about a range of options, and that could include public service. But I’m a long way from making any decisions about the future.”

In the last presidential election, Schultz had endorsed Democratic candidate Hillary Clinton. It was the first time he had publicly endorsed a candidate.

Schultz has said, “I want to be of service to our country​, but that doesn’t mean I need to run for public office to accomplish that​.”

Recently Schultz spoke on CNBC’s “Squawk Box” and compared running Starbucks to running the Trump Organization. He said, “When you are talking about a ‘CEO’ in terms of public office, there is a very big difference between someone who has run a [public] global enterprise like myself … versus someone who has run a private company with very little fiduciary responsibility to other shareholders.”

“I want to say this respectfully so no one misunderstands what I’m about to say, but there is a bifurcation. I’m not saying that as good or bad, but it’s a big difference.”

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