Starbucks CEO Howard Schultz Is Stepping Down

Tyler Durden's picture

Starbucks has announced that its CEO, Howard Schultz, a vocal proponent of the minimum wage and vocal supporter of Hillary Clinton not to mention the person who almost single-handedly created Starbucks as a worldwide brand, is stepping down to focus on opening higher-end coffee shops for the company. He will be replaced by COO Kevin Johnson.

The stock was down as much as 11% on the news but has since rebounded to -4% on the session.

The full press release:

Starbucks Announces New Leadership Structure to Drive Next Wave of Global Growth

Kevin Johnson to become chief executive officer and assume full responsibility for Starbucks global business and operations
Howard Schultz to become executive chairman and focus on retail innovation and accelerating growth of Starbucks ultra-premium retail formats

SEATTLE (Dec. 1, 2016) – Starbucks Corporation (NASDAQ: SBUX) today announced that Kevin Johnson, president and chief operating officer and a 7-year member of the Starbucks Board of Directors, will expand his responsibilities and assume the role and responsibilities of president and chief executive officer, effective April 3, 2017.

Also effective April 3, 2017, Howard Schultz, chairman and ceo, will be appointed executive chairman and will shift his focus to innovation, design and development of Starbucks Reserve® Roasteries around the world, expansion of the Starbucks Reserve® retail store format and the company’s social impact initiatives. In this new role Schultz will continue to serve as chairman of the Board.

“Starbucks consistently outperforms the retail industry because our stores, our offerings and the experiences our partners create make us a destination. The best evidence of the success of the core strategy driving our business is that we continue to deliver quarter after quarter of record, industry leading revenue, comp sales and profit growth, and that the newest classes of Starbucks stores continue to deliver record-breaking revenues, AUV’s and ROI both in the U.S. and around the world,” said Schultz. “As I focus on Starbucks next wave of retail innovation, I am delighted that Kevin Johnson – our current president, coo, a seven-year board member and my partner in running every facet of Starbucks business over the last two years – has agreed to assume the duties of Starbucks chief executive officer. This move ideally positions Starbucks to continue profitably growing our core business around the world into the future.”

 As president and chief operating officer since March 2015, Johnson has led the company’s global operating businesses across all geographies as well as the core support functions of Starbucks supply chain, marketing, human resources, technology, and mobile and digital platforms. Johnson has been a Starbucks board member since 2009, and will continue to serve as a member of the Board.

"Over the past two decades, I have grown to know Starbucks first as a customer, then as a director on the board, and for the past two years as a member of the management team. Through that journey, I fell in love with Starbucks and I share Howard’s commitment to our mission and values and his optimism for the future," said Johnson.  “It is an honor for me to serve the more than 300,000 partners who proudly wear the green apron and I consider it a privilege to work side-by-side with Howard, our world-class board of directors, and a very talented leadership team. Together, we will reaffirm our leadership in all things coffee, enhance the partner experience and exceed the expectations of our customers and shareholders.  We believe in using our scale for good and having positive social impact in the communities we serve around the world.”

Johnson's career spans 33 years in the technology industry which included a 16-year career at Microsoft and a five-year tour as CEO of Juniper Networks. At Microsoft, he led worldwide sales and marketing and became the president of the Platforms Division. In 2008, he was appointed to the National Security Telecommunication Advisory Committee where he served Presidents George W. Bush and Barack Obama. He joined the Starbucks board in 2009 and the management team in 2015.

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Z_End's picture

Starbucks Reserve® Roasteries... Because our coffee just isn't overpriced enough...

macholatte's picture

You have to hand it to Schultz, he convinced people to stand in line to get bad service and a bad product, usually full of sugar, and pay a lot of money for something that costs a few pennies. He must be a master at marketing (brain washing).
Make mine a Macho Latte.

 

Pinto Currency's picture

SBUX and Kellogg up in smoke.

Allen_H's picture

Don't eat anything Kelloggs, they put so much unknowns in their shit it is not safe, and do not forget the GMO.

ACP's picture

That's the Trump curse. Bad things happen to high prifile people who shit-talk Trump.

booboo's picture

The Nasty also knows the Don is coming for their colluding ass and is in retreat.

bust up their monopoly's

Holy hand grenade of Antioch's picture
Holy hand grenade of Antioch (not verified) booboo Dec 1, 2016 5:42 PM

Fuck KOSHER coffee! (it's only for fags).

Squid Viscous's picture

I go to starbucks once in a while just to experience the most annoying assholes ever, both staff and customers.

 

makes me appreciate my friends and family even more

 

auricle's picture

 full of sugar > full of GMO corn syrup....

SILVERGEDDON's picture

A macho latte is when you piss off your barista, and he jerks off in your coffee before adding the whipped cream. 

Good luck with that.

And, Fuck Howard - I hope he has to eat Hillary's nasty pie for life.  

nmewn's picture

They just need better marketing and product development, maybe ditch that finger nails on the chalk board skin crawler the Mzzz Crony Mint Majesty they spent millions workin on and go with the El Presidente Trump Grande Latte.

Hey re-hire the guy they fired in the heat of the election, put him over the product line and who knows what can happen ;-)

Ex-Oligarch's picture

"Make America Grande Again"?

fauxhammer's picture

Dear Howard, your coffee tastes like scorched rabbit shit.  Goodbye.

Uchtdorf's picture

But how would you know that?

booboo's picture

he took smart pills, what of it.

like the kid who took rabbit turds to school and sold them as smart pills on test days, one kid buys some and say's "hey these ain't smart pills, they rabbit shit" and the seller says 'see, you gettin smarter already"

Yen Cross's picture

   That was pretty funny. I can't remember ever trying "scorched rabbit shit" but I'll take your word for it. :-D

fauxhammer's picture

Don't add it to your bucket list

bookofenoch's picture

I raise meat rabbits and am happy to share the by product. We'll just give it a roast and put em through the French press.

Zarbo's picture

There is a (very expensive) kind of coffee that is created when it is eaten by a civet cat (?) and exits said cat.  Might be similar to the rabbit variety.

ChemtrailPilot's picture

If you are a straight white Christian male, Schultz has repeatedly stated that your money is no good at Starbucks. I took that hint years ago. Good riddance to bad rubbish.

LoneStarHog's picture

Their products taste like day-old Hillery piss.  Of course, the Libtards love it and thinks it gives them 'status'.

Consuelo's picture

 

 

Well that sorta stands to reason, given the lineage of Trotsky & all that.    Let's see what Goy Kevin Johnson does.

j0nx's picture

That sounds like the dem party's mantra whIch is why they lost. Blame straight white Christian males for everything. Worked right up until it didn't.

Philo Beddoe's picture

As long as I can still find a diner with old women pouring me free refills Starbucks can go fuck themselves. 

Id fight Gandhi's picture

As per the news release.

He is going to have influence in the company in another position but hell take his ill gotten stock money to fund social causes.

 

So it means this Jew wants to meddle in peoples lives. Why do they always do that when they get old?

brockhardman's picture

I bet he gets to fill the seat on Epstein's plane when Hitlary goes to jail.

chiquita's picture

Got a really good Greek diner near me like that--coffee is worth the trip alone.  Puts any Starbucks swill to shame.

Kirk2NCC1701's picture

I'll drink to that.

peter4805's picture

This guy is the libtard that banned guns in Starbucks, making them an easy mark for crooks. Good riddance asshole.

onewayticket2's picture

"Hold the spit!"

 

AC_Doctor's picture

Stick a Vente Latte up your ass Howard, you Commie faggot.

newdoobie's picture

Another scumbag cashing out all the stored profit in the company with his buddy the COO, Everyone changes posistion and siphon off all the bonus and retirement cash. Otherwise same old burnt tasting coffee

Senseless Urinal Cake's picture

Stole it all from Peets.

cowdiddly's picture

You want good coffee EVERYTIME? Go to Waffle House. Same smooth Columbian coffee just strong enough to do some good nationwide, AND refills. For about the same dime you can get a breakfast with it if you like.

Starbucks can keep their ripoff priced cheap assed Arabica overroasted crap and their whipped cream and freaking sprinkles.

I don't want my damn breakfast in my coffee thanks.

More Ammo's picture

Fuck waffle house too as they ban conceal carry and even throw "cops" out.

 

https://www.oathkeepers.org/waffle-house-no-guns-policy-merits-marketpla...

cowdiddly's picture

Don't bother me in the least. I don't need to concealed carry to go get some coffee and in the unlikely event I would ever need one in town it will be open carried and loaded for bear.

And I don't blame them for running a bunch of fat assed donut dunkin cops out that would sit around all day drinking you out of house and home instead of doing their job. I don't want to look at them either.

each his own

 

gregga777's picture

When a Waffle House gets robbed the 911 Operators should tell them to call their Marxist good friends at the Southern Poverty Law Center.

Allen_H's picture

jewI$I$ java can go fuck itself.

Squid Viscous's picture

please let this kike asshole have pancreatic cancer! God? can you hear me?

Scrubbing Bubblez's picture
Scrubbing Bubblez (not verified) Dec 1, 2016 4:27 PM

Hell, even McD's has better coffee than Starbucks, and you don't have all the pretension and stupid high prices!

More Ammo's picture

Just have to deal stupid adults that want $15 an hour because they can't get a real job.

gregga777's picture

And Startrash employees always have their hands out trying to shame you into tipping them for their outrageously priced coffe, tea and snacks.

blueskyranch's picture

Hey, how about some nice embossed TRUMP cups? I then might decide to actually go back there and drink overpriced coffee. 

More Ammo's picture

after the "race" cup thing? HELL NO, NOT NEVER!

Robert Trip's picture

I'll tip a double mocha latte with a hint of cinnamon for $5.50 to that.

Fuck off Harold.

Greenspazm's picture

Fuck Starfux. I drink home made filter coffee and grind my own.

P.S. Peru grows the best coffee beans. Fine, subtle aromatic flavor. Colombian tastes like mud.

djsmps's picture

Ain't nothing wrong with mud.