Mr Schultz is credited with transforming the Seattle-based business into the coffee giant it is known as today.
Longtime Starbucks leader Howard Schultz is stepping down from the company’s board of directors, the coffee chain announced.In a prepared statement, Mr Schultz said his “gratitude to and the millions of stakeholders and customers that have helped Starbucks endure is beyond measure”.He added that he looks “forward to supporting this next generation of leaders to steward Starbucks into the future as a customer, supporter and advocate in my role as chairman emeritus”.
He later came out of retirement to return as interim chief executive while the company searched for a new chief executive last year – but bid farewell to that title after Laxman Narasimhan officially took the reins in March. For its third fiscal quarter ended in July, Starbucks reported record revenue – with same-store sales notably jumping 46% in China, reversing last year’s declines due to Covid restrictions.
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