[120] He has vocally criticized Republican-led efforts to repeal the ACA as uncooperative. [4][5] On March 20, 2023, Schultz announced that he would be stepping down early from the position. [116] However, on September 14, 2020, Schultz endorsed Biden, and called on Americans to vote for Biden "for the future of our republic". During Schultz's tenure, in 1992, Starbucks went public and has become one of the world's top brands, with a market cap of $118 billion. He served as the chief executive officer from 1986 to 2000 and returned during thefinancial crisis of 200708. Starbucks executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. Remaining in Michigan after graduating from college, Schultz took a job at a ski lodge for a year. The most active insiders traders include Howard D Schultz, Sheryl Sandberg, and Gregory B Maffei. Mr. Johnson owns over 250,000 units of Starbucks stock worth over $77,020,322 and over the last 16 years he sold SBUX stock worth over $3,502,600. ", 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.". In the new millennium, Schultz worked to significantly expand the global market reach of Starbucks, with the company opening numerous stores in China. Top editors give you the stories you want delivered right to your inbox each weekday. To market the book he expanded tuition support for veterans families. The couple has two children, and resides in the Madison Park neighborhood of Seattle. The estimated Net Worth of Kevin R Johnson is at least $99.8 Million dollars as of 8 December 2021. His fourth book, a candidate memoir entitled "From the Ground Up: A Journey to Reimagine the Promise of America," came out in 2019. Sign up for notifications from Insider! [29] The IPO raised $271 million for the company and financed the doubling of their stores. By the summer of 2014, Maveron was worth $1.3 billion in assets under management. [176] However, Foreign Policy noted that even if in a blind trust, his interest in the shares could still prompt a conflict of interest in because the shares' performance is linked with the company's performance. [182] His son, Jordan, is a sports analyst and NFL insider currently working for ESPN. 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. No one gave it to me.". [17] He then took up a job in New York City as a salesman for Xerox, and was recruited by Swedish kitchenware manufacturer PAI Partners in 1979 to be general manager of its U.S. subsidiary, Hammarplast. On December 27, Starbucks employees in Washington were asked to write "come together" on all cups distributed, to encourage bipartisanship in the federal government. The oldest executive at Starbucks Corp. is MyronUllman, 73, who is the Independent Chairman of the Board. [130], Schultz has supported a pathway to citizenship for illegal immigrants who had entered the U.S. as children. [41] Schultz arranged the appointment of the coffeehouse's first chief technology officer. While working there, he was introduced to a group of Seattle-based coffee makers that had started a company called Starbucks Coffee Company. With his wife, Schultz co-founded the Schultz Family Foundation and Onward Veterans. He later left and opened Il Giornale, a specialty coffeeshop that merged with Starbucks during the late 1980s. [115] The agreement made Starbucks the largest buyer of fair trade coffee. He's set to take home a hefty paycheck from his role. [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. With his success in both Starbucks and Maveron, it's no surprise that Schultz's net worth is estimated at $4.3 billion. [41] By the end of 2009, 65% of all coffee product was fair trade and by 2015, nearly all of it was. "[162] Over the next couple of days media outlets began to speculate if Schultz was going to make a formal announcement. [38] He led a mass-firing of executives, closed down hundreds of stores, and temporarily closed all U.S. locations to retrain employees in making espresso. Magic Johnson, whose real name is Earvin Johnson, got his. [102] During his exploratory 2020 presidential campaign, Schultz explained to multiple media outlets that, if elected, he wished to exclusively legislate with bipartisan support. His net worth is estimated to be $3 billion. In 2018, he stepped down from a company he joined in 1982. Chiarelli. "[178] The eventual progression of centrist candidate Joe Biden as the presumptive nominee motivated Schultz to step aside due to their overlapping political ideologies. Kevin has made over 25 trades of the Starbucks stock since 2007, according to the Form 4 filled with the SEC. 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. Schultz was named the 209th-richest person in the U.S. by Forbes with a net worth of $4.3 billion (October 2020). However, a CNN analysis believed that "running on a deficit-reduction platform might end up syphoning as many Republican moderates away from Trump as liberals or independents away from the Democratic nominee. Schultz faced off against Sanders in a hearing Wednesday, amid allegations that Starbucks violated federal labor law through union-busting tactics. What might he change to improve the company? He stepped down as CEO in 2000, succeeded by Orin Smith. "I earned it. After taking control of Starbucks, Schultz worked on expanding the company's reach throughout the United States. 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. When he was 7, his dad, a cloth diaper delivery driver, fell on the job; he had no insurance or salary. [100] Schultz is against lowering taxes for large corporations, favoring tax cuts for middle-market and small businesses. [161] Maureen Dowd, of The New York Times, broke a story on August 1 that friends of "America's lord of latte, Howard Schultz, have been pressing him to join the Democratic primary. He is worth $3.7 billion, per Forbes as of Wednesday . Howard D. Schultz (born July 19, 1953)[2] is an American businessman and author who served as the chairman and chief executive officer of Starbucks from 1986 to 2000, from 2008 to 2017, and as interim CEO from 2022 to 2023. Starbucks Corp (NASDAQ:SBUX) Starbucks Corp. Institutional investors purchased a net $20.4 million shares of SBUX during the quarter ended June 2019, and now own 72.82% of the total float, a . Howard Schultz is an American billionaire entrepreneur who has a net worth of $3.5 billion. The companys current CEO, Kevin Johnson, will step down next month after leading the multinational company for five years and working there for 13 years. [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. [21], Schultz rebranded Il Giornale with the Starbucks name, and expanded its reach across the United States. 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. [102][159] However, Schultz "batted down" these reports days later and confirmed that he was not running for political office. Hes nowhere near as rich as he boasts, nor as poor as his critics claim. [6], Howard D. Schultz was born on July 19, 1953, to Ashkenazi Jewish parents, Fred and Elaine Schultz, in Brooklyn, New York. [186] He and Levitan primarily invest in start-up companies and seeding consumer-focused companies, such as eBay, Shutterfly, and Zulily. Access your favorite topics in a personalized feed while you're on the go. [81][82] Reuters rated the book highly, yet called it "caffeine free" for its inability to "harness his business success" in a potential White House run. In a press release on Wednesday, March 16, 2022, Starbucks announced their decision to bring back Schultz on an interim basis. There are no executives at Starbucks getting paid more. Big business decisions are being made at Starbucks as the coffee-giant navigates a post-pandemic market in 2022. Schultz, along with the CEOs of Costco, and Whole Foods lobbied to have this provision removed from the bill, and a provision making it easier for unions to secure their first bargaining agreement. He declined to join all three contests. He has publicly considered running for US president as a Democrat or independent in 2012, 2016, and 2020. Here's what happened", "Howard Schultz's hometown is protesting his 2020 bid", "Schultz greeted by protesters at book event in hometown Seattle", "Howard Schultz didn't vote on latest Seattle school levies", "Howard Schultz is above the political fray so high above he often doesn't vote", "Inslee: Schultz 'almost totally' AWOL from policy in Washington state", "Seattle coffee mogul Howard Schultz might surprise everyone if he runs for president", "Howard Schultz Will Not Run for President", "Ex-Starbucks executive Schultz slams Trump for Syria pullout", "James Baker would be 'deeply comfortable' with Howard Schultz's foreign policy", "Mandelson and Starbucks clash on UK economy", "Howard Schultz slams Trump for Syria pullout", "Starbucks Continues to Fight Rumors About Links to Israel", "Starbucks CEO Calls Himself 'an Active Zionist,' but Can You Find It Anywhere on the Web? [3] Schultz started the Schultz Family Foundation to help military veterans and fight youth unemployment. [98], As chief executive of Starbucks, Schultz has commented on the impact climate change has on coffee production. He currently has a net worth of $3.3 billion, . Disney cut Marvel Entertainment Chairman Isaac Ike Perlmutter during layoffs; the Adani Group is reportedly proceeding with its plan to secure up to $1 billion in privately placed bonds; tech leaders call for a pause on AI development; and more. Under Schultz, the company witnessed rapid growth and expanded throughout the United States. Starbucks Closes Stores, Pulls Products, Launches Credit Card Starbucks went public in. [110], Starbucks took an institutional stance in favor of same-sex marriage in 2013 (two years prior to US Federal recognition). Howard Schultz stepping down as Starbucks CEO; current COO to replace him; VIDEO 1:05 01:05. [135][136], Over a radio interview in March 2019, when asked if he would be an effective commander-in-chief, Schultz responded: "I probably have spent more time in the last decade certainly than anyone running for president with the military. Submit a correction suggestion and help us fix it! He succeeded Jim Donald who took over from Smith in 2005. Howard Schultz was born on July 19, 1953 in the Brooklyn borough of New York City to Jewish parents Elaine and Fred. And according to CNBC, he "currently owns 37.8 million shares of Starbucks, or a 3 percent stake, worth about $2.17 billion." Caroline Hallemann Digital Director Philanthropic Work: Supporting Veterans and Youth Employment ", "Israel, Starbucks and the new irrationalism", "Is Howard Schultz an Asset or a Liability for Starbucks? Starbucks quarterly sales in China dropped an eye-popping 28%, contributing to a revenue estimate miss CEO Howard Schultz blamed on unprecedented, COVID-related headwinds.. Brandy Schultz founded Adventure Nannies to start a business and support her aspiring musician boyfriend, now husband, Wesley Schultz, lead singer of The Lumineers. 2023 Celebrity Net Worth / All Rights Reserved. encouraging him to enter the contest. Heres a look at his net worth. Jeff Bezos is the world's richest person. After two years, Starbucks' management committee sold its entire retail unit to Schultz. He is credited as Starbucks founder despite the company being founded in 1971 by Jerry Baldwin, Zev Siegl, and Gordon Bowker at Seattles Pike Place Market. [72] In writing a review for The Wall Street Journal U.S. Army major general Robert H. Scales stated "after reading this moving book I'll not likely pass a Starbucks again without stopping for a patriotic cup. [124][125][126] Schultz is against Medicare for All. Mr. Johnson has been a Starbucks director since March 2009. [170] On January 27, 2019, he stated in an interview with 60 Minutes that he was exploring a run for president as an independent candidate, and that he considered running as a centrist. Later on, Schultz renamed II Giornale to Starbucks. His wealth has allowed him to support a number of charitable causes through the Schultz Family Foundation. Howard Schultz won't tell", "Perspectives: Howard Schultz must sell his Starbucks shares if he runs for president", "Starbucks CEO Howard Schultz's Maveron Doubles Down On Seed Investments In Consumer Startups", "Maveron's Dan Levitan has the Midas touch: Seattle VC named to list of top 100 investors", "Luxury yacht owned by Starbucks billionaire appears off Devon coast", "Coffee to go Starbucks ex-chief's luxury yacht docks in St George's", "Starbucks and Other Corporations to Announce Plan to Curb Unemployment of Young People", "Starbucks' Schultz To Receive Israel Award", "2011 Businessperson of the Year 1. Now You Can", "Howard Schultz Calls This Business Book Author His 'Mentor', "Book review: 'Onward: How Starbucks Fought for Its Life Without Losing Its Soul' by Howard Schultz", "Nonfiction Book Review: Onward: How Starbucks Fought for Its Life Without Losing Its Soul by Howard Schultz with Joanne Gordon, Rodale, $25.99 (368p) ISBN 978-1-60529-288-5", "Review: Onward: How Starbucks Fought for Its Life Without Losing Its Soul", "Review: Howard Schultz tells story of Starbucks turnaround in newest book "Onward", "5 Books That Predict The Future Of Workplace Leadership", "For Love of Country: What Our Veterans Can Teach Us About Citizenship, Heroism, and Sacrifice", "Howard Schultz visits ASU, shares his life story, encourages bipartisanship", "People are flooding the Amazon page for Howard Schultz's new book with negative comments after the ex-Starbucks CEO said he was 'seriously considering' running for president", "Howard Schultz: America's New Banality Supervillain", "Former Starbucks CEO Howard Schultz Draws Protesters at Brattle Theatre Talk | News | The Harvard Crimson", "Hardcover Nonfiction Books Best Sellers Feb. 17, 2019 The New York Times", "44 Best-Selling Books of 2019 Everyone's Talking About", "Potential presidential hopeful Howard Schultz was an innovator in business, but in politics he's a traditionalist", "Howard Schultz Is Democrats' Chance to Bury Clintonism Forever", "The 2020 U.S. Presidential Race: A Cheat Sheet", "Here's what Howard Schultz says about hot political topics as speculation swirls about a possible presidential run", "Howard Schultz, Former Starbucks Chief, Won't Run for President in 2020", "It's election time. [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. "That's why Starbucks doesn't need a union," Schultz said. NOW WATCH: Bernie Sanders grills Starbucks' Howard Schultz about alleged anti-union practices. [171] He was reportedly willing to spend $300 to $500 million on the 2020 election. [194] Schultz was named Fortune magazine's 2011 "Businessperson of the Year" for his initiatives in the economy and job market. [50], On March 20, 2023, two weeks before he was projected to turn the leadership of the company over to incoming CEO Laxman Narasimhan, Schultz stepped down as interim CEO of Starbucks. [100] Schultz has openly criticized the 2018 Green New Deal for being economically unrealistic. Narasimhan's net worth in 2019 was estimated to be about $24.4 million, Benzinga reports. Mr. Johnson was a member of Microsofts Senior Leadership Team and held several senior executive positions over the course of his 16 years at Microsoft. Under Schultz, the company established a large network of stores which has influenced coffee culture in Seattle, the U.S., and internationally. Howard has two siblings. "[137] His comments were criticized by Pete Buttigieg and Tulsi Gabbard, both of whom served in the military, for being tone deaf. Howard Schultz is an American billionaire entrepreneur who has a net worth of $3.5 billion. 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. [53] Schultz feuded with player Gary Payton, feeling that Payton disrespected him and the team by not showing up to the first day of training camp in 2002. Bachelor of Arts/Science, Northern Michigan University. "[121] His response was widely publicized, with The Washington Post stating: "Schultz [did] something CEOs rarely do: He told off a shareholder. [118] On April 21, he called for the federal government to institute a "Marshall Plan" for small business, in the form of federally-backed loans. On average, Starbucks executives and independent directors trade stock every 18 days with the average trade being worth of $12,793,144. But Sanders cut Schultz off, saying that the committee did not have time for the matter. [89] Since 2012, Schultz's public statements have led to press speculation that he would run for President of the United States. When you go to sell a Starbucks store based on the median multiple of .36 and net sales estimate of $1,235,000, it would sell for $444,600. [133], In 2015, Schultz founded Onward Veterans, a private foundation to help post-9/11 military veterans transition to civilian life. Schultz publicly considered a candidacy in the 2012, 2016, and 2020 U.S. presidential elections as an independent candidate. "I grew up in federally subsidized housing, my parents never owned a home. [20] After a successful pilot of the cafe concept, Baldwin and Bowker were intrigued but, noting the high cost of espresso machines, the relative paucity of expertise for maintenance and repair of the machines in America, and Americans' lack of familiarity with the drink, they decided not to deploy Schultz's idea further and he stepped down from Starbucks to start his own business. Kevin reportedly owns over 250,000 units ofStarbucks stockand makes $19,242,000 as President, Chief Executive Officer, and Director of the brand. [127][128], Schultz supports gun control and universal background checks. Today, with nearly 33,000 stores worldwide, the company is the premier roaster and retailer of specialty coffee in the world. This is significantly lower than the estimated investment of $1,100,000. The ordinance passed. During the 2008 financial crisis, Schultz returned as chief executive. Schultz expanded Starbucks from 11 stores to more than 33,000 worldwide and made it a social hub for many Americans. Schultz was ultimately declined, prompting him to sell the team and its WNBA sister franchise to Oklahoma City Thunder executive Clay Bennett. [115], Schultz is a vocal supporter of the free market. He is also a supporter of raising minimum wages. [65] Publishers Weekly called the book "a personal, suspenseful, and surprisingly open account" of the rise of Starbucks. Political scientist Larry Sabato said that Schultz's candidacy was likely to benefit Trump. [196], Schultz spoke at the 2017 Arizona State University commencement ceremony and was presented with an honorary Doctor of humane letters degree. A couple of years later, the Starbucks management team which had decided to focus on another venture called Peet's Coffee & Tea sold its Starbucks retail unit to Schultz, who then rebranded Il Giornale with the Starbucks name. Wallmine reveals that the current Starbucks CEOs net worth is approximately $90 million. [187] As of July 2014, the venture capital firm was worth $1.3 billion in assets under management (AUM). Howard Schultz grew up in an extremely poor family, Starbucks' Howard Schultz Steps Down, Fuels Presidential Campaign Rumors, Rags To Multi-Billionaire Starbucks CEO Howard Schultz Steps Down To Focus On Philanthropy And Social Causes, Raised Dirt Poor In A NYC Housing Project Today Starbucks Tycoon Howard Schultz Is A Multi-Billionaire. His next book was 2011's "Onward: How Starbucks Fought for its Life Without Losing its Soul," co-written by Joanne Gordon. [193] In 1999 AIDs Action awarded Schultz the National Leadership Award for philanthropic and educational efforts to battle AIDS. The largest trade he's ever made was exercising 359,177 units of Starbucks stock on 29 July 2021 worth over $21,794,860. In the summer of 1992, Starbucks went public, raising $271 million. Succeeding Howard Schultz as CEO, Johnson previously served as the company's president and chief operating officer from 2015 to 2017. "[78] A book promotion stop at Harvard University led to a small student protest. ", "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 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. Furman stated in February 2020, "many successful companies are much more leveraged than the United States. Schultz has written four books on business. 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. Former Starbucks CEO Howard Schultz was offended at being called a billionaire during a Senate hearing. "[73] The Washington Post published a similarly positive review. As a result of these findings he ruled that the company must reinstate the employees they had fired, and Schultz must either read to his employees a letter informing them of their rights or be present for a meeting in which workers are informed of their rights. Independent Chairman of the coffeehouse 's first chief technology officer a vocal supporter of raising minimum.... To 2000 and returned during thefinancial crisis of 200708 efforts to repeal the as! He currently has a net worth in 2019 was estimated to be $ 3 billion hub many! 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