Starbucks Corp, the world’s greatest espresso chain, mentioned on Monday Government Chairman Howard Schultz is stepping down, efficient June 26.
Schultz, who has been with Starbucks for practically 4 a long time, is credited with turning the corporate into a preferred family identify and rising it from 11 shops to greater than 28,000 in 77 international locations.
Final 12 months, Schultz stepped down as chief government officer to turn out to be government chairman, handing the highest job to Kevin Johnson.
Most just lately, he was concerned in steering the corporate by an anti-bias coaching program that was kickstarted after a Philadelphia cafe supervisor’s name to police resulted within the arrests of two black males who have been ready for a pal.
Starbucks’ board named Myron Ullman, who was beforehand chairman and CEO of struggling retailer J.C. Penney Co, as its new chair and Mellody Hobson vice chair efficient upon Schultz’s retirement.
Schultz may even resign from Starbucks’ board and might be named chairman emeritus, the corporate mentioned in a press release.