His net worth is estimated to be $3 billion. He is notably anti-union, having cracked down on unionization at Starbucks since the 80s. However, Schultz returned as an interim CEO in March of 2022 after Kevin Johnson left the position. 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. You cannot go back. Schultz wrote, "I was convinced that under my leadership, employees would come to realize that I would listen to their concerns. In addition, he makes $19,242,000 as President, Chief Executive Officer, and Director at Starbucks. Take a risk when you are young to avoid regrets later if you want to do so. [45] It was reported in 2018 that Schultz had taken a one-dollar annual salary sometime in the past couple of years. "[71] It was later added to the Times' 2014 Winter Reading List. 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. [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. A year-and-a-half later, he announced his retirement from active management of the company. [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. From day one, I wanted to build the kind of company my father never got a chance to work for. 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. [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. [44] During the summer of 2014, Schultz launched the Starbucks College Achievement Plan, a partnership with Arizona 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. "[73] The Washington Post published a similarly positive review. No one gave it to me.". Schultz was named the 209th-richest person in the U.S. by Forbes with a net worth of $4.3 billion (October 2020). 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. [55] On July 18, 2006, Schultz sold the team to Clay Bennett, chairman of the Professional Basketball Club LLC, an Oklahoma City ownership group, for $350million, after having failed to convince the city of Seattle to provide public funding to build a new arena in the Greater Seattle area to replace KeyArena. Indian-American businessman Laxman Narasimhan. [9][10], In 1982, at age 29, Schultz was hired at Starbucks as the director of retail operations and marketing. He eventually grew the company to the massive empire it is today. Schultz left Starbucks in 1985 to open a store of his own. Building A Unicorn: 9 Lessons From Howard Schultz Of Starbucks, Howard University And PNC Bank Spur Black Entrepreneurship Wave With Nearly $17 Million, The Top 10 Richest Women In The World 2023, Forbes Daily: Starbucks Schultz: I Earned It , Former Starbucks CEO Schultz Defends Billionaire Status In Heated Exchange With Bernie Sanders: I Earned It, How This Developer Is Tackling The Water Crisis With Howard Buffetts Help, Considerations For New Starbucks CEO Laxman Narasimhan To Improve The Company, Adventure Nannies Brandy Schultz Shares How She Scaled A 7-Figure Niche Childcare Business. "[163] Schultz wrote a New York Times op-ed on August 6, 2015, denying this, stating, "Despite the encouragement of others, I have no intention of entering the presidential fray. He is worth $3.7 billion, per Forbes as of Wednesday . (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 New York court ruled that Starbucks had violated labor laws by illegally monitoring and firing workers in Buffalo and preventing them from unionizing. He stepped down as CEO in 2000, succeeded by Orin Smith. [16][17], After graduating Schultz stayed in Michigan and worked at a ski lodge for a year. According to Celebrity Net Worth, Magic Johnson's net worth is a whopping $600 million as of 2022. [3], Schultz is the owner of 'PI', a 77-metre luxury superyacht built by Feadship for $120 million. You can see the complete history of Mr. Johnson stock trades at the bottom of the page. "[78] A book promotion stop at Harvard University led to a small student protest. Philanthropic Work: Supporting Veterans and Youth Employment Published by Statista Research Department , Nov 29, 2022. The next year, after coming back from a buying trip to Milan, Italy, he tried to persuade Starbucks owners Jerry Baldwin and Gordon Bowker to begin selling traditional espresso beverages in addition to the whole bean coffee and tea leaves the company was already offering. 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. Schultz publicly considered a candidacy in the 2012, 2016, and 2020 U.S. presidential elections as an independent candidate. [21] Two years later, the original Starbucks management team decided to focus on Peet's Coffee & Tea and sold its Starbucks retail unit to Schultz and Il Giornale for US$3.8million. [69] All sale proceeds from the book were donated to the Starbucks Foundation, the firm's main charity. Howard M. Schultz (2) FORTUNE", "Starbucks Chairman and CEO Howard Schultz to speak at ASU commencement", "The Moment is Now: NAACP legal 31st Annual National Equal Justice Awards", How I Built This Live Episode! Following large-scale distribution deals Starbucks became the largest coffee-house chain in the world. He has publicly considered running for US president as a Democrat or independent in 2012, 2016, and 2020. This is significantly lower than the estimated investment of $1,100,000. State Street Corp. is one of the world leaders in the asset and management industry, with over $3.4 trillion Assets Under Management. [66] Kirkus Reviews praised the book's "immense detail" but critiqued Schultz's coverage of "outside criticisms of his performance". "[122] Fortune wrote that Schultz "[took] on gay marriage before it was a topic most executives would even touch. [123], Under his leadership Starbucks became the first U.S. company to offer part-time workers, particularly baristas, healthcare. [35] 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. I should have been willing to lose money until a local buyer emerged. [34] Throughout the late-2000s and early-2010s, Schultz directed the company to plan one to two store openings a day in mainland China. Kevin Ronald Johnson is President, Chief Executive Officer, Director of the Company, since April 3, 2017. "[121] His response was widely publicized, with The Washington Post stating: "Schultz [did] something CEOs rarely do: He told off a shareholder. [51], In January 2001, Schultz led a group of ten investors who bought the National Basketball Association's Seattle SuperSonics and the Women's National Basketball Association's Seattle Storm from the Ackerley Group for $200million. At the same time, Schultz's net worth has catapulted . [115] The agreement made Starbucks the largest buyer of fair trade coffee. [54] In February 2006, he stated that the Sonics needed $200million to renovate KeyArena or build a new arena for the team, and if the Washington State Legislature would not approve this, he would look to sell or move the team. [23] The store offered ice cream in addition to coffee, had little seating, and played opera music in the background. "Selling the Sonics as I did is one of the biggest regrets of my professional life. [129] Later in September, as CEO, Schultz asked customers to no longer bring guns into its stores. 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. Net worth: $60 million (estimated) Kevin Johnson is the CEO of Starbucks, the coffee chain founded by Howard Schultz. It has around 30,000 stores or more. Succeeding Howard Schultz as CEO, Johnson previously served as the company's president and chief operating officer from 2015 to 2017. Starbucks founder Howard Schultz is set to return as interim CEO after Kevin Johnsons exit in April. Mr. Johnson has been a Starbucks director since March 2009. Hes nowhere near as rich as he boasts, nor as poor as his critics claim. 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. The Senate on Wednesday probed Starbucks' treatment of unionized employees. Here's a look at what he's for", "Howard Schultz: Green New Deal is 'not realistic', "Starbucks CEO Howard Schultz Needs to Run for President Already", "Howard Schultz wants to have bipartisan meetings over 'coffee Starbucks coffee', "Howard Schultz's Latest Bipartisan Pipe Dream Shows He's a Political Idiot", "Howard Schultz Learned All the Wrong Lessons From His Childhood", "Analysis | Howard Schultz's 2020 policies: Reduce the debt, cut entitlements, oppose Medicare for all and taxes on wealthy", "Howard Schultz says he can win the support of a 'silent majority.' 2023 Forbes Media LLC. Bachelor of Arts/Science, Northern Michigan University. No one gave it to me," Schultz said. Jeff Bailey, of the Los Angeles Times, called the book "self-flattering" and criticized its "mostly perfunctory account of Starbucks' actual problems". ", 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 April 2009, Starbucks broke the $10 billion mark and hasn't looked back. Its community consists of over 15,000 nannies. [4][5] On March 20, 2023, Schultz announced that he would be stepping down early from the position. [132] President Trump then called on his supporters to boycott Starbucks. To market the book he expanded tuition support for veterans families. Howard Schultz returning as interim boss", "Why Schultz tuned out and sold out the Sonics", "Seattle Super Bowl Scores Points for Paul Allen, Sacks Howard Schultz", "Howard Schultz plans to sue Clay Bennett to get Sonics back", "Want to Learn Business Skills From Howard Schultz or Writing From Malcolm Gladwell? Schultz became CEO of Starbucks for the first time in 1986 and helped grow the company from . [103] This stance includes the appointment and confirmations of U.S. Supreme Court justices. With his wife, Schultz co-founded the Schultz Family Foundation and Onward Veterans. The hearing came after a court ruling in New York on March 1. "[97], During the hearing Sen. Bernie Sanders asked Schultz whether he would follow the ruling of NLRB administrative law judge Michael Rosas. 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 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. "[137] His comments were criticized by Pete Buttigieg and Tulsi Gabbard, both of whom served in the military, for being tone deaf. Heres a look at his net worth. meet laxman narasimhan the new ceo of starbucks know about his life education career and net worth; . On average, Starbucks executives and independent directors trade stock every 18 days with the average trade being worth of $12,793,144. 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. His next book was 2011's "Onward: How Starbucks Fought for its Life Without Losing its Soul," co-written by Joanne Gordon. [160] Papers continued to question the finality of his decision with New York Magazine writing "We look forward to your 2016 campaign". Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. [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. encouraging him to enter the contest. Laxman Narasimhan Salary & Net Worth 2023 As the CEO of Starbucks, Narasimhan's annual payout is going to be around $17.5 million including variables. [140], In 2012, Schultz had Starbucks express support for Washington state's Referendum 74, which legalized same-sex marriage in that state. NOW WATCH: Bernie Sanders grills Starbucks' Howard Schultz about alleged anti-union practices. "[61], Schultz has written four books, three of which incorporate business memoir-style narratives. "That's why Starbucks doesn't need a union," Schultz said. [58] The sale to the out-of-state owners considerably damaged Schultz's popularity in Seattle. Schultz faced off against Sanders in a hearing Wednesday, amid allegations that Starbucks violated federal labor law through union-busting tactics. Schultz, was the chairman and CEO of Starbucks from 1987 to 2000, from 2008 to 2018, and as interim CEO from 2022 to 2023. [36], On January 7, 2008, after an eight-year hiatus, Schultz returned as CEO of Starbucks during the height of the 2008 financial crisis. Howard has two siblings. [41] By the end of 2009, 65% of all coffee product was fair trade and by 2015, nearly all of it was. Howard Schultz stepping down as Starbucks CEO; current COO to replace him; VIDEO 1:05 01:05. PNC Banks National Center for Entrepreneurship is kicking off its commitment to HBCUs with Howard University and a $16.8 million investment. [100] To finance a green economy, he has advocated for a combination of taxing oil and gas as well as harnessing wind energy. Representatives for Starbucks and the Schultz Family Foundation did not immediately respond to Insider's requests for comment sent outside regular business hours. [188] As of July 2022, Schultz's net worth is US$3.9 billion. He later left and opened Il Giornale, a specialty coffeeshop that merged with Starbucks during the late 1980s. Through his VC firm Maveron Capital, Schultz invests in other consumer businesses such as Groupon, Madison Reed, Allbirds and Lucy. Under Schultz, the company witnessed rapid growth and expanded throughout the United States. [166][167] There was additional encouragement from a draft movement called Ready for Schultz. $2.5 billion, according to our most recent tally. [24] Schultz did not believe in franchising, and made a point of having Starbucks retain ownership of every domestic outlet. [21] This type of market strategy received mixed reception from both customers and competitors. In early 2001, he led a group of investors in the purchase of the NBA's Seattle SuperSonics and the WNBA's Seattle Storm. 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 20062007 NBA season. [195] Fortune went on to list him as the most generous CEO of 2015, for Starbucks' healthcare coverage, educational opportunities, and employee stock options. What is Magic Johnson's net worth? Schultz's net worth is about $4 billion. Schultz graduated from NMU in 1975 with a BA in communications. [171] He was reportedly willing to spend $300 to $500 million on the 2020 election. 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. He declined to join all three contests. [41] Starbucks signed an agreement with the government of Ethiopia in 2007 to ensure increased pay to farmers. In June 2014, Schultz announced that every Starbucks employee will be able to take free online college classes from Arizona State. [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. 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. "[173] In response to claims that his candidacy would benefit Trump, Schultz said, "Nobody wants to see Donald Trump removed from office more than me. [67] The Seattle Times was critical, saying the book could only "appeal to business types but probably not to the average latte drinker". In 2020 he described the treatment of business and capitalism by American society as "vilification". The sincerity of the good-faith effort was widely disputed by the way Bennett acted and by direct quotes from his partner Aubrey McClendon. 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. Photo by Jamel Toppin/The Forbes Collection. Schultz was succeeded by Kevin Johnson as CEO in April 2017 and Myron Ullman as chairman in June 2018. [131] 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. [141] Schultz opposed Seattle's ordinance to raise the local minimum wage to $15, which at the time was the highest in the nation. In both the 2008 and 2012 United States presidential election he endorsed the presidential candidacy of Barack Obama. By 1986, he had enough funding to open his first store, called Il Giornale. [105][106] During his 2019 exploratory bid for the presidency, Schultz framed his candidacy as that of a socially liberal deficit hawk with fiscally moderate leanings. Former Starbucks CEO Howard Schultz, who is worth $3.7 billion, was incensed when he was labeled a billionaire during a Senate hearing on Wednesday. While working there, he was introduced to a group of Seattle-based coffee makers that had started a company called Starbucks Coffee Company. On December 27, Starbucks employees in Washington were asked to write "come together" on all cups distributed, to encourage bipartisanship in the federal government. 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