starbucks owner net worth

His next book was 2011's "Onward: How Starbucks Fought for its Life Without Losing its Soul," co-written by Joanne Gordon. 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. To market the book he expanded tuition support for veterans families. [186] He and Levitan primarily invest in start-up companies and seeding consumer-focused companies, such as eBay, Shutterfly, and Zulily. He later left and opened Il Giornale, a specialty coffeeshop that merged with Starbucks during the late 1980s. Laxman Narasimhan started his tenure as CEO of Starbucks on Monday, nearly two weeks earlier than planned. [171] He was reportedly willing to spend $300 to $500 million on the 2020 election. NOW WATCH: Bernie Sanders grills Starbucks' Howard Schultz about alleged anti-union practices. At the company, he was in charge of coffee machine manufacturing operations. "[164] Newspapers such as The Atlantic, billed Schultz as the "liberal Donald Trump" due to his comparable career as a businessman and wealth. [197] In November 2017, the NAACP Legal Defense and Educational Fund presented Schultz with the National Equal Justice Award.[198]. [127][128], Schultz supports gun control and universal background checks. Schultz is slated to step down from his third run as CEO on April 1, amid an ongoing labor dispute between the company and hundreds of U.S. stores. [66] Kirkus Reviews praised the book's "immense detail" but critiqued Schultz's coverage of "outside criticisms of his performance". Returning in 2022, he serves as the Starbucks interim CEO, while searching for a successor. We welcome all corrections and feedback using the button below. A year-and-a-half later, he announced his retirement from active management of the company. 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. [25] Schultz's positioning of Starbucks as a social hub is widely seen as introducing the second wave of coffee culture in the U.S., particularly in Seattle. [148], Schultz is seen as a foreign policy "liberal hawk",[149] favoring socially liberal politics domestically and aggressive, interventionist policies abroad. [48] Kevin Johnson, the firm's president and chief operating officer for the previous two years, succeeded Schultz as CEO while Myron Ullman took over as chairman in June 2018. ", "Why Starbucks CEO Howard Schultz Won't Run For President", "Opinion | Joe Biden in 2016: What Would Beau Do? I earned it. Their revenue is approximated to be around $1.37 billion. $2.5 billion, according to our most recent tally. [39] From 2008 to 2017, Schultz oversaw nearly $100 billion added to the company's market capitalization. [47] From the 1980s to his retirement, a series of coffee wars increased Starbucks from 11 coffeehouses in Seattle to 28,000 stores in 77 countries. [21] 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. He orchestrated multiple acquisitions of American and Chinese beverage companies, introduced a national loyalty program, and enforced fair trade standards. Starbucks: Howard Schultz, https://en.wikipedia.org/w/index.php?title=Howard_Schultz&oldid=1149369807, American chief executives of food industry companies, Women's National Basketball Association executives, American people of Austrian-Jewish descent, American people of Russian-Jewish descent, Articles with dead external links from October 2022, Articles with permanently dead external links, Short description is different from Wikidata, Articles with a promotional tone from April 2020, Pages using infobox person with multiple parents, Articles with specifically marked weasel-worded phrases from May 2020, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 11 April 2023, at 20:13. Last updated: 20 January 2023 at 4:36pm EST. Donald Trumps real net worth? 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. [42] In addition to his board membership with Starbucks Schultz was an early and significant stakeholder in Jamba Juice in 2011,[43] and on the board of payment processing company, Square, Inc. until 2014. "[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. Bachelor of Arts/Science, Northern Michigan University. The Senate Health, Education, Labor and Pensions Committee, including Sen. Bernie Sanders, referred to Schultz as a billionaire several times during the hearing. 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. Schultz took the company public in 1992 and used a $271 million valuation to double their store count in a series of highly publicized coffee wars. [118] On April 21, he called for the federal government to institute a "Marshall Plan" for small business, in the form of federally-backed loans. Indian-American businessman Laxman Narasimhan. He succeeded Jim Donald who took over from Smith in 2005. Disney cut Marvel Entertainment Chairman Isaac Ike Perlmutter during layoffs; the Adani Group is reportedly proceeding with its plan to secure up to $1 billion in privately placed bonds; tech leaders call for a pause on AI development; and more. He declined to join all three contests. Shenandoah Davis came on as CEO to scale the company to 7-figures. As of March 2023, Starbucks' net worth is estimated to be a whopping $110 billion. Forbes Daily: A Morning Cup Of Subpoena? [168] At the start of 2019 The New Republic ran a piece called "Run, Howard, Run!" [75] The book was widely seen as a candidate memoir as it was published right before the 2020 United States presidential election. While we work diligently to ensure that our numbers are as accurate as possible, unless otherwise indicated they are only estimates. With his wife, Schultz co-founded the Schultz Family Foundation and Onward Veterans. Prior to joining Microsoft in 1992, Mr. Johnson worked in International Business Machine Corp.s systems integration and consulting business. [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. [71] The book discussed the U.S. military's role in the Iraq War and War in Afghanistan, and their transitions back into civilian life. "[137] His comments were criticized by Pete Buttigieg and Tulsi Gabbard, both of whom served in the military, for being tone deaf. Furman stated in February 2020, "many successful companies are much more leveraged than the United States. [87][88], Schultz hosted a fundraiser in his Seattle home for John Edwards during the 2008 presidential election cycle, eventually donating to the campaigns of Hillary Clinton and Barack Obama. "[111], Throughout the 2018 start and continuation of the U.S. trade war against China, Schultz has been critical of its motivations and handling, and has called for a reduction of trade tariffs and other import-export taxes. "[122] Fortune wrote that Schultz "[took] on gay marriage before it was a topic most executives would even touch. How much a company is worth is typically represented by its market capitalization, or the current stock price multiplied by the number of shares outstanding. 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. 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. [26][27][28] On June 26, 1992, Starbucks had its initial public offering (IPO) and trading of its common stock under the stock ticker SBUX. [81][82] Reuters rated the book highly, yet called it "caffeine free" for its inability to "harness his business success" in a potential White House run. . [142][143], From 2005 to 2019, he reportedly voted in 11 of 38 municipal elections. He's set to take home a hefty paycheck from his role. [24] Schultz did not believe in franchising, and made a point of having Starbucks retain ownership of every domestic outlet. [100] In July 2013, Starbucks customers brought in their weapons and guns into local stores to show appreciation for the coffeehouse's support of the Second Amendment. The Employee Free Choice Act never made it into law.[94]. Johnson. His first, "Pour Your Heart Into It: How Starbucks Built a Company One Cup at a Time," was co-written by Dori Jones Yang and published in 1997. [89] Since 2012, Schultz's public statements have led to press speculation that he would run for President of the United States. No, Robert Downey Jr is not dead: Social media hoax worries fans. He is also part of the Boys Club of New York's Alumni and has a Lifetime Membership Card, which is a privilege we designate to those we consider special members of our BCNY community. [14], Schultz graduated from Canarsie High School in 1971. There are no executives at Starbucks getting paid more. The 'silent majority' doesn't really exist", "Howard Schultz: The $21 trillion national debt is the 'greatest threat domestically to the country', "Budding independent Howard Schultz aims most of his ire at Democrats", "Howard Schultz: The US can't isolate itself from the rest of the world", "Tim Adams meets Howard Schultz, founder of Starbucks", "Howard Schultz slams the 'vilification' of successful people in business as 'left-leaning' Democratic presidential hopefuls enter the 2020 race", "Howard Schultz warns 30% of small businesses at risk of closing for good without more help", "Howard Schultz: New small biz stimulus money 'should have a T in front of it', "Howard Schultz urges government to save small restaurants with a financial 'bridge to a vaccine', "Schultz defends criticism of Medicare-for-all proposal", "Starbucks CEO holds his ground on gay marriage", "Starbucks CEO Howard Schultz's grande support for gay marriage", "Howard Schultz: Exploring A Presidential Run", "This Is What Starbucks Employees Really Get Paid", "Howard Schultz: Kamala Harris Talking About Abolishing Insurance Industry Is "Not American", "Howard Schultz's Health-Care Policies Don't Make Sense", "Starbucks CEO Howard Schultz Tells Customers To Leave Guns At Home", "Starbucks to customers: Please don't bring your guns! According to Securities and. [138] Schultz later apologized for his remarks. Net income of Starbucks 2007-2022. He eventually grew the company to the massive empire it is today. At the same time, Schultz's net worth has catapulted . [100] To finance a green economy, he has advocated for a combination of taxing oil and gas as well as harnessing wind energy. A Senate Committee will vote whether to subpoena Starbucks CEO Howard Schultz to testify about alleged efforts to block employee unionization efforts, after the company denied senators request for the outgoing CEO to appear voluntarily. [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. Who Owns Starbucks? [4][5] On March 20, 2023, Schultz announced that he would be stepping down early from the position. Johnson owns over 250,000 units of Starbucks stock worth over $77,020,322 and over the last 16 years he sold SBUX stock worth over $3,502,600. They live in Seattle's Madison Park neighborhood, having previously lived near Madrona. [100] During a CNN town hall, he stated that the wanted the marginal tax rate for the highest-earning citizens to be increased from 37% to 39%. Compare SBUX With Other Stocks [38] 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. Kevin Johnson is 59, he's been the President, Chief Executive Officer, and Director of Starbucks since 2017. [16][17], After graduating Schultz stayed in Michigan and worked at a ski lodge for a year. He has publicly considered running for US president as a Democrat or independent in 2012, 2016, and 2020. Schultz began working at Starbucks in 1982. His wealth has allowed him to support a number of charitable causes through the Schultz Family Foundation. [59] In a local newspaper poll, Schultz was judged "most responsible" for the team leaving the city. Schultz expanded Starbucks from 11 stores to more than 33,000 worldwide and made it a social hub for many Americans. [172] 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 by splitting the vote of those opposed to the president. However, as an owner of multiple Starbucks licenses, you do have the ability to make a profit. 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. I should have been willing to lose money until a local buyer emerged. [151], At the start of the 2012 United States presidential election Schultz's name was floated as a potential Democratic candidate. Mr. Johnson has been a Starbucks director since March 2009. [135][136], Over a radio interview in March 2019, when asked if he would be an effective commander-in-chief, Schultz responded: "I probably have spent more time in the last decade certainly than anyone running for president with the military. Philanthropic Work: Supporting Veterans and Youth Employment [123], Under his leadership Starbucks became the first U.S. company to offer part-time workers, particularly baristas, healthcare. "[78] A book promotion stop at Harvard University led to a small student protest. "[178] The eventual progression of centrist candidate Joe Biden as the presumptive nominee motivated Schultz to step aside due to their overlapping political ideologies. Howard Schultz was born on July 19, 1953 in the Brooklyn borough of New York City to Jewish parents Elaine and Fred. Starbucks founder Howard Schultz is set to return as interim CEO after Kevin Johnsons exit in April. He previously worked for many years at IBM and later Microsoft. In foreign policy, he is seen as a "liberal hawk", favoring American-led international affairs and neoliberalism. [20] 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. [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. 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