[124][125][126] Schultz is against Medicare for All. [84][85] Schultz's political positions are similar to the Democratic Party platform. Schultz maintained during the Senate hearing that, in his opinion, Starbucks has never broken labor laws and that working at the coffee chain is "the best first job in America. [196], Schultz spoke at the 2017 Arizona State University commencement ceremony and was presented with an honorary Doctor of humane letters degree. [70], His third book, For Love of Country: What Our Veterans Can Teach Us About Citizenship, Heroism, and Sacrifice, co-written with Rajiv Chandrasekaran, was published in 2014. [64], His first book, Pour Your Heart Into It: How Starbucks Built a Company One Cup at a Time was written in 1997 with Dori Jones Yang. Howard Schultz is an American billionaire entrepreneur who has a net worth of $3.5 billion. [159], In late September and early August 2015, press speculation began to surface about a potential run in the upcoming 2016 United States presidential election for Schultz. Wallmine reveals that the current Starbucks CEOs net worth is approximately $90 million. The Senate committee wasprobing Starbucks' treatment of unionized employees. He then enforced fair trade and ethical source policies, resulting in a doubling of the company's annual purchase of fair trade coffee. ", Learn how and when to remove this template message, United States Senate Committee on Health, Education, Labor and Pensions, Seattle SuperSonics relocation to Oklahoma City, United States withdrawal from the Paris Agreement, Coronavirus Aid, Relief, and Economic Security Act, U.S. military withdrawal from Syria in 2019, run for president as an independent candidate, List of Northern Michigan University alumni, "Howard Schultz says he's not a Democrat, surprised by backlash", "Famous birthdays for July 19: Brian May, Anthony Edwardsl", "Starbucks CEO Kevin Johnson is retiring, and Howard Schultz is returning as interim chief", "Starbucks names Laxman Narasimhan as new CEO, starting in April", "Howard Schultz ends third stint as Starbucks CEO early", New York Times: "New Economy; How Starbucks was put on the defensive by an attack on the Internet rumor mill that would not go away" By Sherri Day, "Howard Schultz: I raise my frappuccino to the Brits", "Starbucks' Howard Schultz on how he became coffee king", Kellogg School of Management: "Howard Schultz and Starbucks Coffee Company" by, "NYCHA Chair Shola Olatoye delivers speech on the future of public housing at NAHRO conference in Washington", "NYCHA was my family's lifeline but now it needs to go", "Howard Schultz says he grew up in a poor, rough place. He currently has a net worth of $3.3 billion, . However, Schultz dropped the lawsuit in August 2008. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. Schultz is known to be a deficit hawk in terms of the economy, and a liberal hawk in terms of foreign affairs. Photo by Jamel Toppin/The Forbes Collection. Howard Schultz is best known for serving as the CEO of the coffee chain Starbucks. One employee who had been working to organize Starbucks workers in Arizona was fired just one hour after Schultz had finished speaking at his town hall. [90] According to OpenSecrets, an organization that tracks money donated to politicians, and political parties, Schultz donated to Barack Obama's 2008 presidential campaign twice, once on June 30, 2007, for $2,300, and again on October 24, 2008, for $2,300. As of 8 December 2021 he still owns at least 719,144 units of Starbucks stock. [123], Under his leadership Starbucks became the first U.S. company to offer part-time workers, particularly baristas, healthcare. You can see the complete history of Mr. Johnson stock trades at the bottom of the page. [197] In November 2017, the NAACP Legal Defense and Educational Fund presented Schultz with the National Equal Justice Award.[198]. Hes nowhere near as rich as he boasts, nor as poor as his critics claim. [100] In July 2013, Starbucks customers brought in their weapons and guns into local stores to show appreciation for the coffeehouse's support of the Second Amendment. Narasimhan's net worth in 2019 was estimated to be about $24.4 million, Benzinga reports. [115], Schultz is a vocal supporter of the free market. Starbucks founder Howard Schultz is set to return as interim CEO after Kevin Johnsons exit in April. No one gave it to me.". In September 2013, Howard angered some gun owners by asking people to not bring guns into Starbucks locations. Under Schultz, the company established a large network of stores which has influenced coffee culture in Seattle, the U.S., and internationally. Next, with Rajiv Chandrasekaran, Schultz co-wrote "For Love of Country: What Our Veterans Can Teach Us About Citizenship, Heroism, and Sacrifice," which was published in 2014. [52] During his tenure as the SuperSonics team owner, he was criticized for his navet and propensity to run the franchise as a business rather than a sports team. [18] At Hammarplast, Schultz was responsible for the coffee machine manufacturer's U.S. operations, and in 1981 he visited the Starbucks Coffee Company in Seattle, Washington to fill their plastic cone filter orders. The ordinance passed. probing Starbucks' treatment of unionized employees. Rosas had found that Starbucks had engaged in egregious and widespread misconduct in dealing with the unionizing efforts of its employees in Buffalo. "[145] The paper reported in 2020 that while Schultz is heavily involved in the state's political debates, he often "doesn't show up to vote" in various municipal elections including that of the city's mayor and city council. "[110] President Barack Obama's chief economist, Jason Furman, was critical of Schultz's hard-lined "obsessive" position against sovereign debt: "America is not a company." Schultz took the company public in 1992 and used a $271 million valuation to double their store count in a series of highly publicized coffee wars. He will temporarily be replaced by Howard Schultz. On March 16, 2022, Starbucks announced that CEO Kevin Johnson was retiring, and that Howard Schultz would take over as interim CEO until Laxman Narasimhan took over as CEO in April 2023. By 1997, Starbucks had over 1300 stores, had Starbucks coffee packaging in grocery stores, was available in Hawaii, Japan, and Singapore, had 5 million cumulative buyers in any one week, and projected net sales of over $1billion by the end of 1998. [46], Schultz again stepped down as CEO in December 2016, assuming the position of executive chairman. [103] This stance includes the appointment and confirmations of U.S. Supreme Court justices. The New York ruling found that Starbucks promised benefits to workers who would try to weaken support for the union, and disciplined and fired employees involved in union organizing, perThe New York Times. Following that gig, Schultz was recruited by the Swedish kitchenware manufacturer Hammarplast to become the general manager of its American division. [114] Schultz committed to an agreement that all 747 stores in Britain would be certified fair trade by year-end. encouraging him to enter the contest. Language links are at the top of the page across from the title. Succeeding Jim Donald, Schultz led a mass firing of executives and employees and shuttered hundreds of stores. [172] Schultz's proposed independent candidacy was widely condemned by Democrats who argued that Schultz's third-party candidacy would help to re-elect President Trump by splitting the vote of those opposed to the president. Kevin reportedly owns over 250,000 units of Starbucks stock and makes $19,242,000 as President,. On average, Starbucks executives and independent directors trade stock every 18 days with the average trade being worth of $12,793,144. [110][112][113], In 2008, Schultz doubled the amount of fair trade coffee Starbucks bought. Under Schultz's leadership, Starbucks became a global brand with more than 3,000 stores worldwide from just 11. The current CEO, Kevin Johnson Johnson, 61, will retire on April 4 this year and serve as a special consultant to the company and its board till September. Net worth: $60 million (estimated) Kevin Johnson is the CEO of Starbucks, the coffee chain founded by Howard Schultz. They live in Seattle's Madison Park neighborhood, having previously lived near Madrona. After two years, Starbucks' management committee sold its entire retail unit to Schultz. Bachelor of Arts/Science, Northern Michigan University. Kevin R. Johnson (born October 9, 1960) is an American businessman and software engineer who was the president and chief executive officer (CEO) of Starbucks Coffee Company from 2017 to 2022. [25] Schultz's positioning of Starbucks as a social hub is widely seen as introducing the second wave of coffee culture in the U.S., particularly in Seattle. [129] Later in September, as CEO, Schultz asked customers to no longer bring guns into its stores. [34] Throughout the late-2000s and early-2010s, Schultz directed the company to plan one to two store openings a day in mainland China. . "[78] A book promotion stop at Harvard University led to a small student protest. Net income of Starbucks 2007-2022. [37] The coffeehouse was increasingly criticized for employee work conditions and their internal tipping policies during this time; in March 2009 he and the board approved a $100 million settlement in back tips in a barista-led class action lawsuit in California. He proved to be an excellent athlete and subsequently received an athletic scholarship to Northern Michigan University. "[95], In 2022, as union organizing campaigns started to form at Starbucks, and gain victories, Schultz held a town hall meeting as he returned to the company as interim CEO. A year-and-a-half later, he announced his retirement from active management of the company. "Yes, I have billions of dollars. Schultz's net worth is about $4 billion. [23] The store offered ice cream in addition to coffee, had little seating, and played opera music in the background. In the fourth quarter, Starbucks' net income rose 349% to $1.76 billion on a 31% . [22] Of the 242 investors Schultz approached, 217 rejected his idea. I'm not done serving Starbucks. [41] Starbucks signed an agreement with the government of Ethiopia in 2007 to ensure increased pay to farmers. During these union organizing campaigns by Starbucks employees, the corporation has been firing employees who have engaged in unionizing. [127][128], Schultz supports gun control and universal background checks. The net worth of the unit was around 3.8 million USD. [75] The book was widely seen as a candidate memoir as it was published right before the 2020 United States presidential election. [151] In line with this, Schultz advocates for a U.S.-centered unipolar world where countries work with America to ensure stability and peace. His second book, Onward: How Starbucks Fought for Its Life Without Losing Its Soul, co-written with Joanne Gordon, was published in 2011. I am forever sorry. [60] Ten years later, in 2019, Schultz accepted full responsibility for the sale. Now that Mr. Schultz is retiring and has decisively stated that he will not be leading Starbucks anymore, where does this leave the company and its shareholders? PNC Banks National Center for Entrepreneurship is kicking off its commitment to HBCUs with Howard University and a $16.8 million investment. It has around 30,000 stores or more. ", He said that the treatment of his workers, with their hourly wages of $17.50 and the health benefits and stock options they are provided, was "unprecedented.". He served as the chief executive officer from 1986 to 2000 and returned during thefinancial crisis of 200708. At the company, he was in charge of coffee machine manufacturing operations. [74], In 2019, he published his fourth book, From the Ground Up: A Journey to Reimagine the Promise of America. Mr. Johnson served as president and chief operating officer from March 2015 to April 2017. Schultz went on to oversee a mass-firing of executives and the shuttering of hundreds of Starbucks stores. Chiarelli. In 2018, he stepped down from a company he joined in 1982. Its community consists of over 15,000 nannies. But Sanders cut Schultz off, saying that the committee did not have time for the matter. (SBUX)", "Orin Smith, 19422018: Soft-spoken CEO's philanthropy spoke volumes", "How Beijing Could Unmake Howard Schultz's Billions", "Howard Schultz to Step Down as Starbucks Executive Chairman", "Howard Schultz: From Starbucks Comeback to Final Farewell", "Starbucks tip policy violates Minnesota law, says judge who denied class-action status", "Here's what happened the last time Howard Schultz stepped down as Starbucks CEO", "Andrew Clark interviews Starbucks boss Howard Schultz", "How Starbucks' Howard Schultz turned rags into riches and maintained the moral compass of the largest coffee chain on earth", "Starbucks CEO Howard Schultz Steps Down From Square's Board of Directors", "Howard Schultz: How to do good and do good business | Masters of Scale podcast", "Insiders reveal why Starbucks' former CEO Howard Schultz is willing to ruin his life to run for president", "How Howard Schultz conquered self-doubt to build Starbucks into a $100 billion company", "Howard Schultz steps down at Starbucks, may consider run for president", "Meet the Starbucks CEO Who Has to Follow Howard Schultz", "Starbucks CEO is stepping down. The Senate Health, Education, Labor and Pensions Committee, including Sen. Bernie Sanders, referred to Schultz as a billionaire several times during the hearing. When Bennett purchased the SuperSonics and its sister franchise in the WNBA, the Seattle Storm, for $350million, he agreed to a stipulation that he would make a "good-faith best effort" for one year to keep both teams in Seattle. [133], In 2015, Schultz founded Onward Veterans, a private foundation to help post-9/11 military veterans transition to civilian life. He started his own coffee shop, Il Giornale, and ultimately bought Starbucks from the original owners. In the new millennium, Schultz worked to significantly expand the global market reach of Starbucks, with the company opening numerous stores in China. [166][167] There was additional encouragement from a draft movement called Ready for Schultz. [24] Schultz did not believe in franchising, and made a point of having Starbucks retain ownership of every domestic outlet. In early 2006, he gave the Washington State Legislature an ultimatum that he would sell the SuperSonics if the state failed to approve the renovation of KeyArena or the development of a new arena for the team. [110], Starbucks took an institutional stance in favor of same-sex marriage in 2013 (two years prior to US Federal recognition). Laxman Narasimhan started his tenure as CEO of Starbucks on Monday, nearly two weeks earlier than planned. [13], Schultz spent his time after school at the Boys Club of New York. "[137] His comments were criticized by Pete Buttigieg and Tulsi Gabbard, both of whom served in the military, for being tone deaf. As of this writing, Starbucks has a market capitalization north of $100 billion. In June 2014, Schultz announced that every Starbucks employee will be able to take free online college classes from Arizona State. He is worth $3.7 billion, per Forbes as of Wednesday. [36] While revenue was growing broadly, it was largely dependent on new store openings creating unsustainable (or inorganic) growth. Their revenue is approximated to be around $1.37 billion. [40] In the succeeding two years he doubled their annual purchase of fair trade coffee, up to, by some estimates, 40 million pounds. [115] The agreement made Starbucks the largest buyer of fair trade coffee. [120] In 2017, Schultz got into a highly publicized argument with President Trump after he instructed Starbucks to disregard an executive order barring Syrian refugees into the country. In April 2009, Starbucks broke the $10 billion mark and hasn't looked back. [3] His exploration of running for political office has prompted calls for him to sell all of his stock holdings in Starbucks to appease any conflict of interest. Per Celebrity Net Worth, Johnson is valued at $620 million. In 2021, the net worth reached over $148 billion. He is also part of the Boys Club of New York's Alumni and has a Lifetime Membership Card, which is a privilege we designate to those we consider special members of our BCNY community. [14], Schultz graduated from Canarsie High School in 1971. [9][10], In 1982, at age 29, Schultz was hired at Starbucks as the director of retail operations and marketing. Starbucks announced today the permanent appointment of Laxman Narasimhan to the role of CEO, taking over from Howard Schultz. Access your favorite topics in a personalized feed while you're on the go. "I earned it. The hearing came after a court ruling in New York on March 1. Howard Schultz grew up in an extremely poor family. [33] After coordinating the first store opening in China in January 1999, Schultz took the following year to develop a customer base for coffee in the region. [189][190], In 1996, Howard and Sheri Schultz co-founded the Schultz Family Foundation, which supports Onward Youth, aimed at promoting employment for young people between the ages of 16 and 24 who are not in school and not working,[191][192] and Onward Veterans, which is poised to help post-9/11 military veterans to successfully transition to civilian life. [59] In a local newspaper poll, Schultz was judged "most responsible" for the team leaving the city. To ensure seamless stewardship of the company until a permanent successor is named, the Board has appointed Howard Schultz as interim chief executive officer, effective April 4, 2022, the statement read. During the 2008 financial crisis, Schultz returned as chief executive. [104], Schultz is averse to debt and, politically, is a deficit hawk. [171] He was reportedly willing to spend $300 to $500 million on the 2020 election. Schultz appeared before the United States Senate Committee on Health, Education, Labor and Pensions on March 29, 2023. At the same time, Schultz's net worth has catapulted . The New York court ruled that Starbucks had violated labor laws by illegally monitoring and firing workers in Buffalo and preventing them from unionizing. [17] By 1986, he had raised the money he needed to open the first store, Il Giornale, named after the Milanese newspaper of the same name. [186] He and Levitan primarily invest in start-up companies and seeding consumer-focused companies, such as eBay, Shutterfly, and Zulily. Political scientist Larry Sabato said that Schultz's candidacy was likely to benefit Trump. [35] Back in the firm's U.S. market, various coffee wars with McDonalds and Dunkin' lowered Starbucks' marketshare and the stock price fell 75% from 2006 to 2008. [30] On June 1, 2000, Schultz stepped down as CEO of Starbucks, moving to the new position of chief global strategist to help the company expand internationally. ", "Friends Of Starbucks' CEO Want Him To Run Against Hillary", "Opinion | Howard Schultz: America Deserves a Servant Leader", "Is Starbucks's Howard Schultz the Liberal Donald Trump? [140], In 2012, Schultz had Starbucks express support for Washington state's Referendum 74, which legalized same-sex marriage in that state. State Street Corp owns approximately 53.4 million shares of Starbucks, which comprise 4.9% of the total outstanding shares, with a value of $3.9 billion. The firm's relations with independent coffeehouse chains were strained, while some owners credited Starbucks with educating customers on coffee. These thoughts were originally published in a 2012 edition of his memoir entitled "Pour Your Heart Into It: How Starbucks Built a Company One Cup at a Time". To market the book he expanded tuition support for veterans families. He is also a supporter of raising minimum wages. He decided to turn the store into anespresso-based drinks cafe altogether. Sign up for notifications from Insider! On December 27, Starbucks employees in Washington were asked to write "come together" on all cups distributed, to encourage bipartisanship in the federal government. Schultz explored a 2020 presidential bid, but said in September 2019 that he would not run because it would risk the re-election of Donald Trump. The estimated Net Worth of Kevin R Johnson is at least $99.8 Million dollars as of 8 December 2021. ", "Starbucks CEO will support Obama for another term", "STARBUCKS CEO HOWARD SCHULTZ'S HISTORY OF UNION-BUSTING", "Howard Schultz And Starbucks' Long History Of Fending Off Unions", "Interim Starbucks CEO Howard Schultz on labor unions", "Starbucks CEO Howard Schultz Says Companies Are Being 'Assaulted' by Unions", "In clash with Bernie Sanders, Starbucks' Howard Schultz insists he's no union buster", "Bernie Sanders confronts former Starbucks CEO Howard Schultz on company's labor practices", "Starbucks' Howard Schultz says your morning coffee ritual is under threat", "Howard Schultz is against a lot of things. Schultz led a mass firing of executives and employees and shuttered hundreds of Starbucks, the net worth $... A vocal supporter of raising minimum wages and returned during thefinancial crisis of 200708 book was widely seen a. 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