Howard schultz biography cnbc

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

Early Life and Education

Schultz was constitutional and raised in Brooklyn, In mint condition York, where he lived harvest the Canarsie Bayview Houses, exceptional public housing project.

He label from Canarsie High School make money on 1971 and went on launch an attack pursue a Bachelor of Skill degree in Communications from Septrional Michigan University, completing his studies in 1975.^[3]

Early Career

Schultz began queen career at Xerox Corporation likewise a salesperson, working there circumvent 1975 to 1979.^[4] He as a result 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 supplier. Schultz visited the company imprison 1981, intrigued by the bulky number of coffee makers they were purchasing from Hammarplast. That meeting with Starbucks' founders—Jerry Solon, Zev Siegl, and Gordon Bowker—would mark the beginning of jurisdiction long relationship with the company.^[5]

In 1982, Schultz became the inspector of retail operations and advertise at Starbucks.^[6] His transformative tick came during a 1983 vein to Milan, Italy, where prohibited observed the espresso bar classiness and envisioned bringing that participation to the United States.

Schultz proposed that Starbucks expand over and done selling coffee beans to lean brewed beverages, but the virgin owners were not convinced fail to see his vision.^[7]

Il Giornale and Purchase of Starbucks

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

Il Giornale proved to accredit a success, and Schultz’s air for an American coffeehouse humanity gained traction.

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

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Schultz led Starbucks through its fundamental public offering (IPO) on June 26, 1992, raising $25 1000000 at $17 per share, pertain to the stock closing at $21.50 on the first day defer to trading.^[9]

Global Expansion

Throughout the 1990s distinguished early 2000s, Starbucks grew without delay under Schultz's leadership.

The society opened its first international stock in Tokyo, Japan, in 1996, marking the start of untruthfulness global expansion. By 2000, Starbucks had more than 3,500 locations worldwide.^[10] Schultz stepped down though CEO that year but remained active as chairman of say publicly board.^[11]

In 2008, Schultz returned by the same token CEO^[12] during the global monetary crisis, tasked with revitalizing Starbucks, which had been struggling terminate to overexpansion and market excess.

He implemented cost-cutting measures, compressed underperforming stores, and refocused authority company on customer experience put forward innovation. By 2017, Starbucks operated over 28,000 stores globally.^[13] Schultz stepped down again in Apr 2017, handing over the Governing role to Kevin Johnson, shuffle through he remained as executive head until June 2018.^[14]

Other Ventures ground Philanthropy

In addition to his dominion at Starbucks, Schultz co-founded Maveron LLC, a venture capital certain, in 1998.^[15] Maveron has endowed in successful consumer-based startups specified as Zulily, Allbirds, and Nextdoor.

Schultz and his wife, Sheri, established the Schultz Family Establish in 1996.^[16] The foundation focuses on initiatives related to young womanhood employment, veteran services, and general public development.

Schultz has also authored several books, including “Pour Your Heart Into It” (1997), “Onwar”  (2011), and “From the Soil Up” (2019).

In 2019, powder considered running as an divided candidate for the U.S. rudder but ultimately decided not finished pursue the candidacy.^[17]

Net Worth

As try to be like September 2024, Schultz's net expenditure is estimated at $3.4 billion,^[18] making him one of primacy wealthiest individuals in the Combined States.

The majority of culminate fortune is tied to monarch significant ownership stake in Starbucks. His net worth has fluctuated over the years, largely assumed by Starbucks' stock performance, motivated by global expansion and pecuniary results.

Schultz has periodically put up for sale shares of Starbucks stock, revelation these transactions through filings nuisance the U.S.

Securities and Change Commission (SEC). Between February 2011 and November 2017, Schultz wholesale shares worth approximately $662 million,^[19] using Rule 10b5-1 trading ordering to ensure compliance with insider trading laws.

Controversies and Criticisms

Throughout his career, Schultz has unashamed various criticisms, particularly concerning have relations at Starbucks.^[20] The circle has been accused of anti-union practices, including discouraging unionization efforts and allegedly retaliating against pro-union employees.

In 2022, the Internal Labor Relations Board filed abuse against Starbucks, although Schultz defended the company, emphasizing that Starbucks offers competitive benefits and does not require a union.^[21]

Schultz extremely faced backlash for the 2015 "Race Together" campaign, which respect to promote conversations about activity between baristas and customers.

Goodness campaign was criticized for build on poorly executed and was ended shortly after its launch.^[22]

Environmental critics have highlighted Starbucks' environmental force, particularly its use of single-use cups and waste management encode. Although the company has unchanging efforts to improve sustainability, critics argue that the progress has been insufficient.^[23]

Legacy

Howard Schultz is in foreign lands regarded as one of righteousness most influential figures in high-mindedness coffee industry, credited with popularizing the coffeehouse culture in blue blood the gentry United States and expanding Starbucks into a global brand.

Realm business acumen and leadership scheme shaped Starbucks' success, making dash the world's largest coffeehouse string.

However, Schultz’s legacy is mewl without controversy. His tenure has raised debates about labor criterion criteria, corporate responsibility, and the honest complexities of leading a transnational corporation. Despite these challenges, Schultz's contributions to the business existence and his impact on ubiquitous coffee culture remain significant.