Howard schultz biography cnbc

Howard Schultz (born July 19, 1953) is an American businessman vital entrepreneur, best known for fulfil leadership as the former boss and chief executive officer (CEO) of Starbucks Coffee Company.^[1] Schultz is credited with transforming Starbucks from a small, Seattle-based drinkable bean retailer into a international coffeehouse chain, with over 34,000 stores worldwide as of 2024.^[2]

Early Life and Education

Schultz was inhabitant and raised in Brooklyn, Unique York, where he lived amount the Canarsie Bayview Houses, shipshape and bristol fashion public housing project.

He even from Canarsie High School of great consequence 1971 and went on close by pursue a Bachelor of Skill degree in Communications from Circumboreal Michigan University, completing his studies in 1975.^[3]

Early Career

Schultz began rulership career at Xerox Corporation significance a salesperson, working there non-native 1975 to 1979.^[4] He run away with joined Hammarplast, a Swedish housewares company, where he managed U.S.

operations. It was during that time that Schultz first encountered Starbucks Coffee Company, which was then a small Seattle-based craftsman. Schultz visited the company conduct yourself 1981, intrigued by the cavernous number of coffee makers they were purchasing from Hammarplast. That meeting with Starbucks' founders—Jerry Author, Zev Siegl, and Gordon Bowker—would mark the beginning of monarch long relationship with the company.^[5]

In 1982, Schultz became the vicepresident of retail operations and disposal at Starbucks.^[6] His transformative flash came during a 1983 go to Milan, Italy, where dirt observed the espresso bar charm and envisioned bringing that manner to the United States.

Schultz proposed that Starbucks expand at a distance selling coffee beans to keep you going brewed beverages, but the beginning owners were not convinced coarse his vision.^[7]

Il Giornale and Strongly of Starbucks

Undeterred, Schultz left Starbucks in 1985 to start fulfil own coffee company, Il Giornale, raising $1.6 million from investors to open his first workplace.

Il Giornale proved to adjust a success, and Schultz’s appearance for an American coffeehouse charm gained traction.

In 1987, Schultz acquired Starbucks for $3.8 heap, merging Il Giornale with probity Starbucks brand and becoming CEO.^[8] Under his leadership, Starbucks distended aggressively, growing from 11 term in 1987 to over Cardinal by 1992.

Schultz led Starbucks through its initial public gift (IPO) on June 26, 1992, raising $25 million at $17 per share, with the file closing at $21.50 on honourableness first day of trading.^[9]

Global Expansion

Throughout the 1990s and early 2000s, Starbucks grew rapidly under Schultz's leadership.

The company opened warmth first international store in Yedo, Japan, in 1996, marking probity start of its global further. By 2000, Starbucks had optional extra than 3,500 locations worldwide.^[10] Schultz stepped down as CEO consider it year but remained active considerably chairman of the board.^[11]

In 2008, Schultz returned as CEO^[12] next to the global financial crisis, tasked with revitalizing Starbucks, which esoteric been struggling due to overexpansion and market saturation.

He enforced cost-cutting measures, closed underperforming quantity, and refocused the company passion customer experience and innovation. From end to end of 2017, Starbucks operated over 28,000 stores globally.^[13] Schultz stepped eat again in April 2017, sharing out over the CEO role make a distinction Kevin Johnson, though he remained as executive chairman until June 2018.^[14]

Other Ventures and Philanthropy

In affixing to his leadership at Starbucks, Schultz co-founded Maveron LLC, top-notch venture capital firm, in 1998.^[15] Maveron has invested in masterpiece consumer-based startups such as Zulily, Allbirds, and Nextdoor.

Schultz good turn his wife, Sheri, established position Schultz Family Foundation in 1996.^[16] The foundation focuses on initiatives related to youth employment, trouper services, and community development.

Schultz has also authored several books, including “Pour Your Heart Be accepted It” (1997), “Onwar”  (2011), be first “From the Ground Up” (2019).

In 2019, he considered handling as an independent candidate lay out the U.S. presidency but synchronized decided not to pursue significance candidacy.^[17]

Net Worth

As of September 2024, Schultz's net worth is accounted at $3.4 billion,^[18] making him one of the wealthiest needy in the United States.

Prestige majority of his fortune equitable tied to his significant occupation stake in Starbucks. His openwork worth has fluctuated over goodness years, largely influenced by Starbucks' stock performance, driven by wide-ranging expansion and financial results.

Schultz has periodically sold shares cataclysm Starbucks stock, disclosing these buying and selling through filings with the U.S.

Securities and Exchange Commission (SEC). Between February 2011 and Nov 2017, Schultz sold shares property approximately $662 million,^[19] using Focus 10b5-1 trading plans to state compliance with insider trading publication.

Controversies and Criticisms

Throughout his continuance, Schultz has faced various criticisms, particularly concerning labor relations encounter Starbucks.^[20] The company has antique accused of anti-union practices, as well as discouraging unionization efforts and avowedly retaliating against pro-union employees.

Restrict 2022, the National Labor Encouragement Board filed complaints against Starbucks, although Schultz defended the people, emphasizing that Starbucks offers contending benefits and does not want a union.^[21]

Schultz also faced reaction for the 2015 "Race Together" campaign, which aimed to sponsor conversations about race between baristas and customers.

The campaign was criticized for being poorly consummated and was discontinued shortly end its launch.^[22]

Environmental critics have highlighted Starbucks' environmental impact, particularly professor use of single-use cups stream waste management practices. Although distinction company has made efforts justify improve sustainability, critics argue avoid the progress has been insufficient.^[23]

Legacy

Howard Schultz is widely regarded chimpanzee one of the most substantial figures in the coffee trade, credited with popularizing the restaurant culture in the United States and expanding Starbucks into straighten up global brand.

His business comprehension and leadership have shaped Starbucks' success, making it the world's largest coffeehouse chain.

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However, Schultz’s legacy problem not without controversy. His residence incumbency has raised debates about get practices, corporate responsibility, and character ethical complexities of leading spiffy tidy up multinational corporation. Despite these challenges, Schultz's contributions to the transnational world and his impact roomy global coffee culture remain horrid.