Wikipedia

Howard Schultz

For the American television producer, seeHoward Schultz (producer).

Howard D. Schultz(born July 19, 1953)[2]is an American businessman and author who was thechairmanandchief executive officerofStarbucksfrom 1986 to 2000, from 2008 to 2017, and interim CEO from 2022 to 2023. Schultz owned theSeattle SuperSonicsbasketball team from 2001 to 2006.

Howard Schultz
Schultz in 2019
Born(1953-07-19)July 19, 1953(age 71)
New York City,U.S.
EducationNorthern Michigan University(BA)
Occupations
Known forLeadership ofStarbucksand co-ownership ofSeattle SuperSonics
Term1986–2000
2008–2017
2022–2023 (asinterim CEO)
PredecessorJim Donald(second term)
Kevin Johnson(third term)
SuccessorOrin C. Smith(first term)
Kevin Johnson (second term)
Laxman Narasimhan(third term)
Political partyIndependent(2019–present)[1]
Other political
affiliations		Democratic(before 2019)
Spouse
Sheri Kersch
​
(m.1982)​
Children2
WebsiteOfficial website
Signature

Schultz began working at Starbucks in 1982.[3]He later left and opened Il Giornale, a specialty coffeeshop that merged with Starbucks during the late 1980s. Under Schultz, the company established a large network of stores which has influenced coffee culture inSeattle,the U.S., and internationally. Following large-scale distribution deals, Starbucks became thelargest coffee-house chainin the world. Schultz took the companypublicin 1992 and used a $271 million valuation to double their store count in a series of highly publicizedcoffee wars.He stepped down as CEO in 2000, succeeded byOrin Smith.Due to the rapid expansion of Starbucks under Schultz's leadership, he has been described as the “Ray Krocof his generation”.[4]

During the2008 financial crisis,Schultz returned as chief executive. SucceedingJim Donald,Schultz led a mass firing of executives and employees and shuttered hundreds of stores. He orchestrated multiple acquisitions of American and Chinese beverage companies, introduced a nationalloyalty program,and enforcedfair tradestandards. His aggressive expansion in Chinese markets has been credited[by whom?]with reconciling thecountry's tea-culturewithcoffee consumption in China.Schultz was succeeded byKevin Johnsonas CEO in April 2017 andMyron Ullmanas chairman in June 2018.

Schultz haswritten four bookson business. He is an outspokenneoliberal.Schultz publicly considered a candidacy in the2012,2016,and2020 U.S. presidential electionsas an independent candidate. He declined to join all three contests. His positions on domestic politics are socially liberal andfiscally moderate.In foreign policy, he is seen as a "liberal hawk",favoring American-led international affairs andneoliberalism.Schultz was named the209th-richest person in the U.S.byForbeswith anet worthof $4.3billion(October 2020).[5]Schultz started the Schultz Family Foundation to help military veterans and fight youth unemployment.

On March 16, 2022, Starbucks announced that CEOKevin Johnsonwas retiring and that Howard Schultz would take over as interim CEO untilLaxman Narasimhantook over as CEO in April 2023.[6][7]On March 20, 2023, Schultz announced that he would be stepping down early from the position.[8]

Early life and education

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Howard D. Schultz was born on July 19, 1953, toAshkenazi Jewishparents, Fred and Elaine Schultz, inBrooklyn,New York.[9][10]His father was a truck driver while his mother was a receptionist. Howard has two siblings.[11][12]Schultz grew up in theCanarsiepublic housingprojects.[13]According to Schultz, his family was poor, although childhood contemporaries recount a middle-class upbringing, with one of his contemporaries referring to the development in which he was raised as "the country club of projects."[14]

Schultz spent his time after school at theBoys Clubof New York. He is active in the Boys’ Club of New York's Alumni.[15]

Schultz graduated fromCanarsie High Schoolin 1971.[16]He attendedNorthern Michigan University(NMU) from 1971 to 1975, where he was a member ofTau Kappa Epsilonfraternity, graduating with aB.A.incommunications.He had played football, expecting an athletic scholarship but an injury caused him to quit.[14][17][18][19]

Career

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Early career

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In 1976, he became a salesman forXeroxin New York. In 1979, he was recruited by French private equity firmPAI Partnersin 1979 to be general manager of a Swedish kitchenware manufacturer's U.S. subsidiary,Hammarplast.[20]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 to fill theirplastic cone filterorders.[11][12]

Starbucks

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Schultz speaking with press aboutStarbucks' presence in Canada,2007

In 1982, at age 29, Schultz was hired at Starbucks as the director of retail operations and marketing.[21]Schultz was exposed tocoffee in Italyon a buying trip toMilan,Italy, in 1983.[21]On his return, he worked to persuade company ownersJerry BaldwinandGordon Bowkerto offer traditional espresso beverages in addition to the whole bean coffee, leaf teas, and spices.[22]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. Schultz left Starbucks in 1985 to open a store of his own.[23]He needed $400,000 to start his business.[23]Schultz visited over 500 espresso bars in Milan and, with him assuming most of the risk associated with introducing espresso to the American market, Starbucks invested $150,000 in the new venture, with Baldwin receiving a place on its board and Bowker offering unofficial assistance.[24]Another $100,000 investment came from local doctor Ron Margolis.[24]Of the 242 investors Schultz approached, 217 rejected his idea.[18]By 1986, he had raised the money he needed to open the first store, Il Giornale, named after theMilanese newspaperof the same name.[25]The store offered ice cream in addition to coffee, had little seating, and playedopera musicin the background.[23]Two years later, the original Starbucks management team decided to focus onPeet's Coffee & Teaand sold its Starbucks retail unit to Schultz and Il Giornale for US$3.8 million.[23]

Schultz rebranded Il Giornale with the Starbucks name, and expanded its reach across the United States.[23]This type of market strategyreceived mixed receptionfrom both customers and competitors. The firm's relations with independentcoffeehouse chainswere strained, while some owners credited Starbucks with educating customers on coffee.[26]Schultz did not believe infranchising,and made a point of having Starbucks retain ownership of every domestic outlet.[27]Schultz's positioning of Starbucks as a social hub is widely seen as introducingthe second waveof coffee culture in the U.S., particularly inSeattle.[28][29][30]On June 26, 1992, Starbucks had itsinitial public offering(IPO) and trading of its common stock under the stock ticker SBUX.[31]The IPO raised $271 million for the company and financed the doubling of their stores.[32]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.[33][34]He was succeeded byOrin Smith,who worked with Schultz as his chief financial officer during the 1990s.[35]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.[36]Throughout the late-2000s and early-2010s, Schultz directed the company to plan one to two store openings a day in mainland China.[37]Back in the firm's U.S. market, variouscoffee warswithMcDonaldsandDunkin'lowered Starbucks' marketshare and the stock price fell 75% from 2006 to 2008.[38]While revenue was growing broadly, it was largely dependent on new store openings creating unsustainable (orinorganic) growth.[38]

A Starbucks cafe inXixi National Wetland Park,Hangzhou China

On January 7, 2008, after an eight-year hiatus, Schultz returned as CEO of Starbucks during the height of the2008 financial crisis.He succeededJim Donaldwho took over from Smith in 2005.[39]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-ledclass action lawsuitin California.[40]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.[34][41]Schultz redoubled and enforced the firm'sfair tradeandethical sourcepolicies for their coffee bean supply-chain in Africa and othercoffee-producing countries.[42]In the succeeding two years, he doubled their annual purchase of fair trade coffee, up to, by some estimates, 40 million pounds.[43]Schultz arranged the appointment of the coffeehouse's firstchief technology officer.[41]At this time, Schultz was earning a total compensation of $9.7 million, which included a base salary of $1.2 million, andstock optionsgranted of $7.8 million.[44]In addition to his board membership with Starbucks, Schultz was an early and significant stakeholder inJamba Juicein 2011,[45]and on the board of payment processing company,Square, Inc., until 2014.[46]During the summer of 2014, Schultz launched the Starbucks College Achievement Plan, a partnership withArizona State University,which allows all employees at Starbucks working 20 or more hours a week to qualify for free tuition through ASU's online courses.[47]It was reported in 2018 that Schultz had taken aone-dollar annual salarysometime in the past couple of years.[48]

Schultz again stepped down as CEO in December 2016, assuming the position of executive chairman.[41]From 2008 to 2017, Schultz oversaw nearly $100 billion added to the company'smarket capitalization.[49]From the 1980s to his retirement, a series ofcoffee warsincreased Starbucks from 11 coffeehouses in Seattle to 28,000 stores in 77 countries.[37]On June 4, 2018, Schultz announced that he would retire from active management of Starbucks after 37 years, as he was considering amongst other options a campaign for U.S. president.[50]Kevin Johnson,the firm's president and chief operating officer for the previous two years, succeeded Schultz as CEO whileMyron Ullmantook over as chairman in June 2018.[51]Schultz would return to the role of CEO in an interim position following Johnson departing the position in March 2022.[52]

Schultz, as chairmanemeritusof Starbucks, in 2019

On March 20, 2023, two weeks before he was projected to turn the leadership of the company over to incomingCEO Laxman Narasimhan,Schultz stepped down as interim CEO of Starbucks. Schultz appeared before theUnited States Senate Committee on Health, Education, Labor and Pensionson March 29, 2023.[53]

Seattle SuperSonics and Seattle Storm

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Further information:Seattle SuperSonics relocation to Oklahoma City

In January 2001, Schultz led a group of ten investors who bought theNational Basketball Association'sSeattle SuperSonicsand theWomen's National Basketball Association'sSeattle Stormfrom theAckerley Groupfor $200 million.[54]During his tenure as the SuperSonics team owner, he was criticized for his naïveté and propensity to run the franchise as a business rather than a sports team.[55]Schultz feuded with playerGary Payton,feeling that Payton disrespected him and the team by not showing up to the first day of training camp in 2002.[56]In February 2006, he stated that the SuperSonics needed $200 million to renovateKeyArenaor build a new arena for the team, and if theWashington State Legislaturewould not approve this, he would look to sell or move the team.[57]On July 18, 2006, Schultz sold the team toClay Bennett,chairman of theProfessional Basketball Club LLC,anOklahoma Cityownership group, for $350 million, after having failed to convince the city ofSeattleto provide public funding to build a new arena in the Greater Seattle area to replaceKeyArena.At the time of the team's sale, it was speculated that the new owners would move the team to their city some time after the 2006–2007 NBA season.[58]

Schultz filed a lawsuit against Bennett – in April 2008 – to rescind the July 2006 sale based on what Schultz claimed was fraud and intentional misrepresentation. However, Schultz dropped the lawsuit in August 2008. When Bennett purchased the SuperSonics and its sister franchise in the WNBA, the Seattle Storm, for $350 million, he agreed to a stipulation that he would make a "good-faith best effort" for one year to keep both teams in Seattle. The sincerity of the good-faith effort was widely disputed by the way Bennett acted and by direct quotes from his partnerAubrey McClendon.On January 8, 2008, Bennett sold the Storm to Force 10 Hoops, LLC, an ownership group of four Seattle women, which kept the team in Seattle.[59]On July 2, 2008, the city of Seattle reached a settlement with the new ownership group and the SuperSonicsmoved to Oklahoma Cityand became theThunderfor the2008–09 NBA season.[60]The sale to the out-of-state owners considerably damaged Schultz's popularity in Seattle.[61]In a local newspaper poll, Schultz was judged "most responsible" for the team leaving the city.[62]Ten years later, in 2019, Schultz accepted full responsibility for the sale. "Selling the Sonics as I did is one of the biggest regrets of my professional life. I should have been willing to lose money until a local buyer emerged. I am forever sorry."[63]

Author

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Schultz signing a book during abook tourin 2014

Schultz has written four books, three of which incorporate business memoir-style narratives. According to theFree Library of Philadelphia,his books are known to be a blend of "part memoir and part manifesto of corporate social responsibility".[64]At the start of 2019, Schultz released an online class that covered the business leadership topics discussed in his books on theMasterClassplatform.[65]Organizational consultantWarren Bennishas influenced Schultz's writing.[66]

His first book,Pour Your Heart Into It: How Starbucks Built a Company One Cup at a Timewas written in 1997 withDori Jones Yang.His second book,Onward: How Starbucks Fought for Its Life Without Losing Its Soul,co-written with Joanne Gordon, was published in 2011. Jeff Bailey, of theLos Angeles Times,called the book "self-flattering" and criticized its "mostly perfunctory account of Starbucks' actual problems".[67]Publishers Weeklycalled the book "a personal, suspenseful, and surprisingly open account" of the rise of Starbucks.[68]Kirkus Reviewspraised the book's "immense detail" but critiqued Schultz's coverage of "outside criticisms of his performance".[69]The Seattle Timeswas critical, saying the book could only "appeal to business types but probably not to the average latte drinker".[70]Fast CompanyplacedOnwardwithin the top five books that "[predicted] the future of workplace leadership" in 2014.[71]All sale proceeds from the book were donated to the Starbucks Foundation, the firm's main charity.[72]

His third book,For Love of Country: What Our Veterans Can Teach Us About Citizenship, Heroism, and Sacrifice,co-written withRajiv Chandrasekaran,was published in 2014.The New York Times Book Reviewcalling it "well-written" and "formidable."[73]It was later added to theTimes' 2014 Winter Reading List.[74]In writing a review forThe Wall Street JournalU.S. Army major generalRobert H. Scalesstated "after reading this moving book I'll not likely pass a Starbucks again without stopping for a patriotic cup."[75]The Washington Postpublished a similarly positive review.[76]

In 2019, he published his fourth book,From the Ground Up: A Journey to Reimagine the Promise of America.[77]The book was widely seen as a candidate memoir as it was published right before the2020 United States presidential election.[78]His book received 1.9/5 stars onAmazon,after some Democratic voters gave negative reviews, due his possible candidacysplitting the Democratic vote.[79]Rolling Stonecalled the book "stunningly boring" and an "autobiography of a pretentious oligarch."[80]A book promotion stop at Harvard University led to a small student protest.[81]From the Ground Upwas featured onThe Wall Street Journal's bestseller list in February,[82]and was listed as aNew York Timesbestsellerfor 2019.[83][84]Reutersrated the book highly, yet called it "caffeine free" for its inability to "harness his business success" in a potential White House run.[85]

Political views

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Schultz speaking atArizona State Universityin 2019

Schultz is an outspokenneoliberal,centrist,technocratic,and political independent.[86][87]Schultz's political positions are similar to theDemocratic Partyplatform.[88]Schultz supportsfree trade,abalanced budget,comprehensive tax reform, gun control, and same-sex marriage.[89][90]

Schultz hosted a fundraiser in his Seattle home forJohn Edwardsduring the2008 presidential election cycle,eventually donating to the campaigns of Hillary Clinton and Barack Obama.[91]Since 2012, Schultz's public statements have led to press speculation that he would run for President of the United States. In both the2008and2012 United States presidential electionhe endorsed the presidential candidacy of Barack Obama.[92]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.[93]He endorsed Democratic candidateHillary Clintonin the2016 United States presidential election.[94]

Labor unions

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Howard Schultz has been taking anti-union actions at Starbucks since the late 1980s. When unions were able to form at the company, they disbanded soon afterward, due to corporate reaction to their formation.[95]

In 2009, a bill known as theEmployee Free Choice Actwas being proposed in Congress. It would allow unions to form by simply gathering a majority of signatures in the workplace, what is known as a "card check", obviating the need to have secret ballot union-elections. Schultz, along with theCEOsofCostco,andWhole Foodslobbied to have this provision removed from the bill, and a provision making it easier for unions to secure their first bargaining agreement. The Employee Free Choice Act never made it into law.[96]

Schultz's overall vision on unions, and their place at Starbucks were published in a 2012 edition of his memoir entitled "Pour Your Heart Into It: How Starbucks Built a Company One Cup at a Time". Schultz wrote,

"I was convinced that under my leadership, employees would come to realize that I would listen to their concerns. If they had faith in me and my motives, they wouldn't need a union."[97]

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. In the town hall Schultz said that Starbucks was "under assault from unionization", "outside forces", and that Starbucks did not need an intermediary between management, and labor. During these union organizing campaigns by Starbucks employees, the corporation has been firing employees who have engaged in unionizing. 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. These terminations took place despite a notice of formal complaint from theNational Labor Relations Boardagainst the retaliatory practices Starbucks had taken against employees who were working to unionize the corporation.[98]

On March 29, 2023, Schultz testified before theUnited States Senate Committee on Health, Education, Labor and Pensions.In response to most of the questions Schultz gave the same answer: "I support the law, and I also take offense with you categorizing me or Starbucks as a union buster when that is not true."[99]

During the hearingSen. Bernie Sandersasked Schultz whether he would follow the ruling ofNLRBadministrative law judge Michael Rosas. Rosas had found that Starbucks had engaged in “egregious and widespread misconduct” in dealing with the unionizing efforts of its employees inBuffalo.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. Schultz responded that he would not be following this ruling as he believed that Starbucks had not broken the law.[100]

Climate change

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As chief executive of Starbucks, Schultz has commented on the impactclimate changehason coffee production.[101]He has opposed theUnited States withdrawal from the Paris Agreement.[102]To finance agreen economy,he has advocated for a combination of taxing oil and gas as well as harnessingwind energy.[102]Schultz has openly criticized the 2018Green New Dealfor being economically unrealistic.[103]

Bipartisanship

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In December 2012 Schultz penned anopen letterto various newspapers about an upcoming initiative at Starbucks involvingpartisan gridlockin Washington. On December 27, Starbucks employees in Washington were asked to write "come together" on all cups distributed, to encourage bipartisanship in the federal government.[104]During his exploratory 2020 presidential campaign, Schultz explained to multiple media outlets that, if elected, he wished to exclusively legislate with bipartisan support.[105]This stance includes the appointment and confirmations ofU.S. Supreme Courtjustices.[106]

Fiscal discipline

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Schultz is averse to debt and, politically, is adeficit hawk.[107][108]During his 2019 exploratory bid for the presidency, Schultz framed his candidacy as that of asocially liberaldeficit hawk withfiscally moderateleanings.[109]In June 2018, Schultz stated in an interview that he thought thenational debtis "the greatest threat domestically to the country" and that "we have to go afterentitlements."[110][111]He has also stated that the nation's annualsovereign interest payments,totaling over $400 billion in 2020, is "unsustainable."[112]PresidentBarack Obama's chief economist,Jason Furman,was critical of Schultz's hard-lined "obsessive" position against sovereign debt: "America is not a company." Furman stated in February 2020, "many successful companies are much more leveraged than the United States."[113]

Trade

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Throughout the 2018 start and continuation of theU.S. trade war against China,Schultz has been critical of its motivations and handling, and has called for a reduction oftrade tariffsand other import-export taxes.[112][114][115]

In 2008, Schultz doubled the amount offair trade coffeeStarbucks bought.[43]By the end of 2009, 65% of all coffee product was fair trade and by 2015, nearly all of it was.[43]Starbucks signed an agreement with thegovernment of Ethiopiain 2007 to ensure increased pay to farmers.[116]Schultz committed to an agreement that all 747 stores in Britain would be certified fair trade by year-end.[117]The agreement made Starbucks the largest buyer of fair trade coffee.[117]

Business

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Schultz claims to be a supporter of thefree market.In 2020 he described the treatment of business and capitalism by American society as "vilification".[118]During theCOVID-19 pandemic(COVID-19), advocated forfiscal stimulusto small businesses harmed during the crisis.[119]Schultz described theCoronavirus Aid, Relief, and Economic Security Actas insufficient, and criticized the Act'sPaycheck Protection Program(PPP) for being a temporary solution.[120]On April 21, he called for the federal government to institute a "Marshall Plan"for small business, in the form of federally-backed loans.[121]

Tax reform

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Schultz said he supported "comprehensive tax reform" in January 2019.[122]He opposedAlexandria Ocasio-Cortez's proposal to raise themarginal tax rateon income over $10 million to 70%, saying it was "punitive" and contrary to theAmerican Dream.[122]He also opposedDonald Trump'spassage of theTax Cuts and Jobs Act of 2017,which lowered high-income andcorporate taxes.[102]During aCNNtown hall, he stated that he wanted themarginal tax ratefor the highest-earning citizens to be increased from 37% to 39%.[102]Schultz is against lowering taxes for large corporations, favoring tax cuts for middle-market and small businesses.[112]

Same-sex marriage

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Starbucks took an institutional stance in favor ofsame-sex marriagein 2013 (two years prior to US Federal recognition). In response to a backlash from conservative and religious groups, Schultz told a shareholder meeting that opponents of the stance should "Sell your shares", and "buy shares in another company."[123]His response was widely publicized, withThe Washington Poststating: "Schultz [did] something CEOs rarely do: He told off a shareholder."[124]Fortunewrote that Schultz "[took] on gay marriage before it was a topic most executives would even touch.[125]

Healthcare

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Under his leadership Starbucks became the first U.S. company to offerpart-time workers,particularly baristas, healthcare.[126][127][128]Schultz is againstMedicare for All.[122]He has vocally criticized Republican-ledefforts to repeal the ACAas uncooperative.[129][130]

Gun control

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Schultz supportsgun controlanduniversal background checks.[102]In July 2013, Starbucks customers brought in their weapons and guns into local stores to show appreciation for the coffeehouse's support of theSecond Amendment.[131]Later in September, as CEO, Schultz asked customers to no longer bring guns into its stores.[132]

Immigration

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Schultz has supported a pathway to citizenship for illegal immigrants who had entered the U.S. as children.[122]He called for greater border security, but vocally opposed President Donald Trump'sproposal of a border wall.[122]In 2017, Schultz got into a highly publicized argument with President Trump after he instructed Starbucks to disregardan executive orderbarringSyrianrefugees into the country.[133]Within 24 hours of the executive order, Schultz wrote to his employees that recent immigrants and refugees, particularly those with strong ties to the U.S. military, would be fast-tracked to employment.[134]President Trump then called on his supporters toboycottStarbucks.[135]

Veterans' affairs

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Schultz speaking toU.S. MarinesandSailorsatCamp Pendletonin California, 2014

In 2015, Schultz founded Onward Veterans, a private foundation to helppost-9/11military veterans transition to civilian life.[136]In 2014, Schultz authored his first non-business book,For Love of Country: What Our Veterans Can Teach Us About Citizenship, Heroism, and Sacrifice,co-written withRajiv Chandrasekaran.[73]The book discussed the U.S. military's role in theIraq WarandWar in Afghanistan,and their transitions back intocivilian life.To market the book he expanded tuition support for veterans families.[137][138]

Over a radio interview in March 2019, when asked if he would be an effectivecommander-in-chief,Schultz responded: "I probably have spent more time in the last decade certainly than anyone running for president with the military."[139]His comments were criticized byPete ButtigiegandTulsi Gabbard,both of whom served in the military, for being tone deaf.[140]Schultz later apologized for his remarks.[141]Schultz's tentative 2020 presidential candidacy was endorsed by former U.S. Army GeneralPeter W. Chiarelli.[142]

Washington state politics

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In 2012, Schultz had Starbucks express support forWashington state'sReferendum 74,which legalizedsame-sex marriagein that state.[143]Schultz opposed Seattle's ordinance to raise the local minimum wage to $15, which at the time was the highest in the nation. The ordinance passed.[144][145]

From 2005 to 2019, he reportedly voted in 11 of 38 municipal elections.[146]His voting record in Seattle has been described byThe Seattle Timesas a "pattern of ignoring many local elections over the decades."[147]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.[148]Washington governorJay Inslee,who was running against Schultz in the 2020 election, criticized him for his absence in state politics.[149]

CongressmanGeorge Nethercutt,a moderate Republican, opined thatEastern Washington"may like what they hear and vote for [Schultz]" more than theWestern region.[150]

Foreign policy

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Schultz has been described as a foreign policy "liberal hawk",[151]favoringsocially liberalpolitics domestically andaggressive, interventionistpolicies abroad.[152]Generally, he is a supporter ofneoliberal institutionalismand international cooperation.[153]In line with this, Schultz advocates for aU.S.-centered unipolar worldwhere countries work with America to ensure stability and peace.[153]

  • United Kingdom:During the2009 economic crisis,Schultz stated in a highly publicized interview with CNBC that "the place that concerns us the most iswestern Europe,and specifically theUK.The UK is in a spiral ".[154]His comments were meant to express concern with the levels ofunemploymentandconsumer confidencein the United Kingdom.[154]TheBritish Business Secretaryat the time,Peter Mandelson,responded negatively to the statement saying that "the UK was not spiralling, although I've noticed Starbucks is in a great deal of trouble." Mandelson later suggested that Schultz was projecting his own company's trouble in the United Kingdom onto the wider national economy.[154]Starbucks issued an office apology soon thereafter.[154]
  • Syria:Schultz criticized theU.S. military withdrawal from Syria in 2019,saying the move had "damaged America's relationships with foreign allies."[102]Furthermore, Schultz lamented the "power vacuum" left by the U.S. in the Middle East as a result of their withdrawal.[152]He supported the idea of leaving a skeletal army force in the region to ensure a minimum level of stability and U.S. influence.[155]
  • Russia:He is a vocal opponent ofRussian influence in U.S. politics,calling the country an “enemy of the United States.”[152]
  • China:Thecommensurate rise of Chinain the international sphere with the U.S. prompted Schultz to call the country "neither an enemy nor an ally, but a fierce competitor."[102]According toForeign Policy,his corporate interests in Starbucks could make him implement pro-Chinese policies and legislation.[36]Hedge fund managerBill Ackmansimilarly said that Schultz's election to the U.S. presidency would essentially be aninsurance policyfor Starbucks. "The last thing the Chinese would do is go after the next American president's company," Ackman told theNew York Timesin 2020.[156]Schultz has repeatedly praised the country'sOne Belt Roadinitiative, an infrastructure plan aimed at better connecting territorial China and improvingforeign direct investment.[115]
  • Israel:Schultz was involved in a long-standing group chat from October 2023 through early May 2024 with some of the United States' most powerful business leaders with the stated goals of "chang[ing] the narrative" in favor of Israel and "help[ing] win the war" on U.S. public opinion followingHamas's October 7th attack on Israel.[157]Group members includedDellfounder and CEOMichael Dell,Kindsnack company founderDaniel Lubetzky,hedge fund managersDaniel LoebandBill Ackman,billionaireLen Blavatnik,real estate investorJoseph Sitt,andJoshua Kushner,the founder ofThrive Capitaland brother toJared Kushner,former presidentDonald Trump'sson-in-law.[157]The group also included non-American citizens, such asCypriot-Israelibillionaire real estate investorYakir Gabay.[157]Members of the group chat, including Schultz, discussed how they received private briefings by, and worked closely with, members of theIsraeli government,including former Israeli prime ministerNaftali Bennett;Benny Gantz,a member of theIsraeli war cabinet;and Israel's ambassador to the United States,Michael Herzog.[157]Group members also held a video call in April 2024 withNew York City MayorEric Adamsin an effort to, according to reporting byThe Washington Post,"pressure Columbia’s president and trustees to permit the mayor to send police to the campus" to shut downcriticismofIsrael's offensive military operations in Gaza,which many campus protesters, intergovernmental and non-governmental organizations, civil servants, and governments around the worldhave alleged to be genocide.[157]During the video call, group members discussed making political donations to Adams.[157]It is unknown whether Schultz was present on the video call.[157]While Schultz confirmed his membership in the group and his presence at private briefings by Israeli officials, a spokesperson said he "did not participate in, or contribute financially to, any of the group's work."[157]

Political elections

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2012 presidential election

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At the start of the2012 United States presidential electionSchultz's name was floated as a potential Democratic candidate.[91]After he instructed Starbucks employees in Washington to write "come together" on all cups to encouragebipartisanshipin the federal government on December 26, press speculation intensified.[104]However, Schultz "batted down" these reports days later and confirmed that he was not running for political office.[91]He continued to publicly bemoan the political climate at the time, saying he was "not optimistic about the leadership" of the U.S. on national television.[158]Papers continued to question the finality of his decision withNew York Magazinewriting "We look forward to your 2016 campaign".[104]

2016 presidential election

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In late September and early August 2015, press speculation began to surface about a potential run in the upcoming2016 United States presidential electionfor Schultz.[159]Maureen Dowd,ofThe 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."[160]Over the next couple of days media outlets began to speculate if Schultz was going to make a formal announcement. According toFortune,he was positioned to be a "worthy party back-up to[Hillary] Clinton."[161]Schultz wrote aNew York Timesop-ed on August 6, 2015, denying this, stating, "Despite the encouragement of others, I have no intention of entering the presidential fray. I'm not done serving Starbucks."[162]Newspapers such asThe Atlantic,billed Schultz as the "liberal Donald Trump" due to his comparable career as a businessman and wealth.[163]

2020 presidential election

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Howard Schultz presidential campaign logo, designed in 2019 in case of a run for President
Schultz being interviewed in 2020

After Schultz stepped down from Starbucks in 2018, political commentators speculated whether he would run in the2020 United States presidential election.[164][165]There was additional encouragement from adraft movementcalled Ready for Schultz.[166]He hiredSteve SchmidtandBill Burton,two political consultants, to assess his candidacy.[167]On January 27, 2019, he stated in an interview with60 Minutesthat he was exploring arun for president as an independent candidate,and that he considered running as a centrist.[168]He was reportedly willing to spend $300 to $500 million on the 2020 election.[169]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 bysplitting the vote of those opposedto the president. Political scientistLarry Sabatosaid that Schultz's candidacy was likely to benefit Trump. However, aCNNanalysis 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."[170]In response to claims that his candidacy would benefit Trump, Schultz said, "Nobody wants to see Donald Trump removed from office more than me."[171]His first town hall inSeattlereceived mixed reception with protestors holding up "venti mistake" and "grande ego" banners while his actual speech was well received.[172]As a large shareholder of Starbucks stock, Schultz was repeatedly asked about potentially selling all of his holdings if elected to the White House.[173]"There's multiple ways to do this, set up ablind trust,do lots of things to remove any conflict of interest "he replied.[173]He had, however, promised to release all of histax returnsif elected.[173]

Later in February, Schultz said he would stay out of the race if the Democrats nominated "acentrist Democrat."[174]In May 2019, Schultz delayed his decision and by September 6, officially ruled out a presidential run, stating that it wasn't the best way to "serve our country at this time."[175]The eventual progression of candidateJoe Bidenas the presumptive nominee motivated Schultz to step aside due to their overlapping political ideologies.[176][177]While he had not officiallyendorsedBiden for the presidency at the time, Schultz had stated in interviews that he "admires" the candidate.[118]However, on September 14, 2020, Schultz endorsed Biden, and called on Americans to vote for Biden "for the future of our republic".[178]

Personal life

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In 1982, Schultz married Sheri Kersch, with whom he has two children.[179]His son, Jordan, is a sports analyst andNFLinsider currently working forBleacher Report.They live in Seattle'sMadison Parkneighborhood, having previously lived nearMadrona.[180]Schultz is a noted coffee aficionado, reportedly drinking four to five cups of coffee every day.[181]

Wealth

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Schultz was named the209th-richest person in the U.S.in October 2020 byForbeswith anet worthof $4.3 billion.[5]His exploration of running for political office has prompted calls for him to sell all of his stock holdings in Starbucks to appease anyconflict of interest.[182]Although not firmly committing to sell his shares upon election, Schultz has expressed interest in setting up ablind trustto hold his shares.[173]However,Foreign Policynoted 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.[36]In 1998, Schultz establishedventure capitalfirmMaveronwith investment bankerDan Levitan.[183]He and Levitan primarily invest in start-up companies andseedingconsumer-focused companies, such aseBay,Shutterfly,andZulily.[184]As of July 2014, the venture capital firm was worth $1.3 billion inassets under management(AUM).[185]As of July 2022, Schultz's net worth isUS$3.9 billion.[5]

Schultz is the owner of 'PI', a 77-metre luxurysuperyachtbuilt byFeadshipfor $120 million.[186][187]

Philanthropy

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Schultz receiving an award inWashington, D.C.,2018

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,[188][189]and Onward Veterans, which is poised to helppost-9/11military veterans to successfully transition to civilian life.[136]

Awards and honors

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In 1998, Schultz received the 'Israel 50th Anniversary Tribute Award' for "playing a key role in promoting a close alliance between the United States and Israel".[190][191]In 1999 AIDs Action awarded Schultz the National Leadership Award for philanthropic and educational efforts to battle AIDS.[192]Schultz was namedFortunemagazine's 2011 "Businessperson of the Year" for his initiatives in the economy and job market.[193]Fortunewent on to list him as the most generous CEO of 2015, for Starbucks' healthcare coverage, educational opportunities, and employee stock options.[194]

Schultz spoke at the 2017Arizona State Universitycommencement ceremony and was presented with anhonoraryDoctor of humane letters degree.[195]In November 2017, theNAACP Legal Defense and Educational Fundpresented Schultz with the National Equal Justice Award.[196]

Books

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  • Schultz, Howard; Yang, Dori Jones (1997),Pour Your Heart Into It: How Starbucks Built a Company One Cup at a Time,New York: Hyperion,ISBN0786863153
  • Schultz, Howard; Gordon, Joanne (2011),Onward: How Starbucks Fought for Its Life without Losing Its Soul,New York: Rodale,ISBN9781605292885
  • Schultz, Howard; Chandrasekaran, Rajiv (2014),For Love of Country: What Our Veterans Can Teach Us About Citizenship, Heroism, and Sacrifice,New York: Vintage,ISBN9781101872826
  • Schultz, Howard; Gordon, Joanne (2019),From the Ground Up: A Journey to Reimagine the Promise of America,New York: Random House,ISBN9780525509448

See also

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References

edit
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