Starbucks has announced that former CEO Howard Schultz has stepped down from the company’s board of directors, effective immediately. Schultz, who had served on the board since 2018, stepped down to “pursue other interests.”
During Schultz’s tenure as CEO, Starbucks significantly expanded its reach with more than 30,000 outlets around the world. He also served as Starbucks’ executive chairman from 2017-2018 before stepping down in 2018 to explore “public service.”
In a statement, Starbucks Chairman Myron Ullman thanked Schultz for his years of service and acknowledged his numerous contributions to the company, including “becoming the public face of Starbucks,” leading the company’s growth and expansion, and championing the firm’s commitment to social responsibility.
The board also noted that Schultz will continue to serve as an adviser to the company.
Schultz’s departure comes as Starbucks reported last month that its first-quarter profit had dropped compared to the same time last year due to the coronavirus pandemic. The company announced it was to closing 400 stores in the U.S. as a result of the downturn.
