Former Starbucks CEO steps down from board

Starbucks has announced that Howard Schultz, the company’s modern-day founder and chairman emeritus, has stepped down from the board of directors as part of a planned transition. Schultz, who previously stepped down as CEO in March of this year, said: "As I reflect on my 41 years with the company, a foundation of love and creative, passionate customer experience has been built by over five million partners (employees) around the world who have worked in the company. “I am enormously blessed to have experienced this journey from the ground floor at the company these many years. I look forward to supporting this next generation of leaders to steward Starbucks into the future as a customer, supporter and advocate in my role as chairman emeritus.” Schultz transformed Starbucks from a small company selling only whole beans to the renowned third place that it is today with more than 36,000 stores in 86 markets around the world. Along the way, Schultz focused on creating opportunities for partners such as he never had growing up in the housing projects of Brooklyn, New York. Under his leadership, Starbucks became one of the first employers to offer company stock ownership and health care for full and part-time employees, pathways to higher education by providing upfront tuition coverage through the Starbucks College Achievement Plan, family expansion benefits, and more. Schultz will now turn his attention with his wife Sheri to focus on a range of philanthropic and entrepreneurial investments to create greater opportunity, accessible to all. They are co-founders of the Schultz Family Foundation and emes project LLC, two organisations working in partnership with employers, entrepreneurs, non-profits, and governments to seed innovations and scale solutions that are aimed at enabling everyone to access the full promise of America. Mellody Hobson, independent Starbucks board of directors chair, said: "Howard’s vision, courage and deep love and responsibility for partners and this company created a blueprint for us all in how to lead through the lens of humanity. He put partners and shareholders above himself when he returned to Starbucks as CEO in 2022, working tirelessly. “On behalf of the board, I offer my deepest thanks and appreciation to him as he steps down. Going forward, we will forever be inspired by his passion, heart, spirit, and commitment to the power of human connection, and we remain grateful for his support of our leaders and confidence in the company.” In addition, Starbucks also announced the election of Wei Zhang to the company’s board of directors, effective October 1. Zhang most recently served as senior advisor to Alibaba Group, and formerly led Alibaba Pictures Group as president. Zhang joins Starbucks board as its eighth director, following the election of Beth Ford, CEO of Land O’Lakes Inc, earlier this year. Zhang currently serves on the board for Ralph Lauren Corporation. She is also a past board member of Los Angeles Sports and Entertainment Commission, Amblin Partners and the Jack Ma Foundation, among others. Hobson said: "Wei is recognized as an innovator and game changer, and we are thrilled to have her join us. Her deep experience, perspective and commitment to corporate business development will help guide us as we continue to grow as a global company. “Her addition to the board, combined with Laxman’s inspiring and strategic vision, proven operational effectiveness, and deep experience in both developed and developing markets, makes me confident that our best days are truly ahead of us.” Zhang said: "The limitless growth mindset that guides Starbucks partners and business is impressive and has resonance. I’ve been a Starbucks customer across the globe for decades. I’m honoured to have the opportunity to work with the board and talented leadership team to contribute to the power, relevance and resilience of the Starbucks business and brand – creating significant value for all stakeholders.”

Former Starbucks CEO steps down from board

Founder Howard Schultz has stepped down and will now focus on a series of philanthropic investments while Wei Zhang is joining the company as its eighth director

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