[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. He also. [100] To finance a green economy, he has advocated for a combination of taxing oil and gas as well as harnessing wind energy. It has around 30,000 stores or more. [3] His exploration of running for political office has prompted calls for him to sell all of his stock holdings in Starbucks to appease any conflict of interest. [6], Howard D. Schultz was born on July 19, 1953, to Ashkenazi Jewish parents, Fred and Elaine Schultz, in Brooklyn, New York. [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. On December 27, Starbucks employees in Washington were asked to write "come together" on all cups distributed, to encourage bipartisanship in the federal government. [193] In 1999 AIDs Action awarded Schultz the National Leadership Award for philanthropic and educational efforts to battle AIDS. [107] In June 2018, Schultz stated in an interview that he thought the national debt is "the greatest threat domestically to the country" and that "we have to go after entitlements. Bachelor of Arts/Science, Northern Michigan University. Schultz is known to be a deficit hawk in terms of the economy, and a liberal hawk in terms of foreign affairs. [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. Kevin's mailing address filed with the SEC is C/O GOLDMAN SACHS & CO. LLC, 200 WEST STREET, NEW YORK, NY, 10282. Schultz was succeeded by Kevin Johnson as CEO in April 2017 and Myron Ullman as chairman in June 2018. During the 2008 financial crisis, Schultz returned as chief executive. [65] Publishers Weekly called the book "a personal, suspenseful, and surprisingly open account" of the rise of Starbucks. [134] In 2014, Schultz authored his first non-business book, For Love of Country: What Our Veterans Can Teach Us About Citizenship, Heroism, and Sacrifice, co-written with Rajiv Chandrasekaran. president. Net worth: $60 million (estimated) Kevin Johnson is the CEO of Starbucks, the coffee chain founded by Howard Schultz. [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. [120] He also opposed Donald Trump's passage of the Tax Cuts and Jobs Act of 2017, which lowered high-income and corporate taxes. [120] He has vocally criticized Republican-led efforts to repeal the ACA as uncooperative. Schultz attended the Boys' Club of New York as a youth, and went to Canarsie High School. There are no executives at Starbucks getting paid more. [17] By 1986, he had raised the money he needed to open the first store, Il Giornale, named after the Milanese newspaper of the same name. The group mostly invests in startups and consumer-focused companies. Schultz called the lawmakers' characterization of his wealth "unfair.". Schultz, was the chairman and CEO of Starbucks from 1987 to 2000, from 2008 to 2018, and as interim CEO from 2022 to 2023. [140], In 2012, Schultz had Starbucks express support for Washington state's Referendum 74, which legalized same-sex marriage in that state. He also served on the Board of Directors of Juniper Networks from September 2008 through February 2014. By clicking Sign up, you agree to receive marketing emails from Insider [183] Schultz is a noted coffee aficionado, reportedly drinking four to five cups of coffee every day. The firm's relations with independent coffeehouse chains were strained, while some owners credited Starbucks with educating customers on coffee. [41] Starbucks signed an agreement with the government of Ethiopia in 2007 to ensure increased pay to farmers. Will Howard Schultz run for president? As of this writing, Starbucks has a market capitalization north of $100 billion. Shenandoah Davis came on as CEO to scale the company to 7-figures. [115] The agreement made Starbucks the largest buyer of fair trade coffee. Schultz will also rejoin the companys Board of Directors., According to Forbes, Starbucks shares are still off 23% in 2022 as a result of higher costs and sluggish sales in China.. Remaining in Michigan after graduating from college, Schultz took a job at a ski lodge for a year. "[78] A book promotion stop at Harvard University led to a small student protest. [3] Schultz started the Schultz Family Foundation to help military veterans and fight youth unemployment. The companys current CEO, Kevin Johnson, will step down next month after leading the multinational company for five years and working there for 13 years. Access your favorite topics in a personalized feed while you're on the go. As the President, Chief Executive Officer, and Director of Starbucks, the total compensation of Kevin Johnson at Starbucks is $19,242,000. 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. When unions were able to form at the company, they disbanded soon afterward, due to corporate reaction to their formation. [4][5] On March 20, 2023, Schultz announced that he would be stepping down early from the position. . Top editors give you the stories you want delivered right to your inbox each weekday. Their revenue is approximated to be around $1.37 billion. [86] Schultz supports free trade, a balanced budget, comprehensive tax reform, gun control, and same-sex marriage. The hearing came . [24] Schultz did not believe in franchising, and made a point of having Starbucks retain ownership of every domestic outlet. 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. [18] At Hammarplast, Schultz was responsible for the coffee machine manufacturer's U.S. operations, and in 1981 he visited the Starbucks Coffee Company in Seattle, Washington to fill their plastic cone filter orders. [124][125][126] Schultz is against Medicare for All. [119], Schultz said he supported "comprehensive tax reform" in January 2019. He is worth $3.7 billion, per Forbes as of Wednesday . He has publicly considered running for US president as a Democrat or independent in 2012, 2016, and 2020. The New York ruling found that Starbucks promised benefits to workers who would try to weaken support for the union, and disciplined and fired employees involved in union organizing, perThe New York Times. Brandy Schultz founded Adventure Nannies to start a business and support her aspiring musician boyfriend, now husband, Wesley Schultz, lead singer of The Lumineers. [39] From 2008 to 2017, Schultz oversaw nearly $100 billion added to the company's market capitalization. [9][10], In 1982, at age 29, Schultz was hired at Starbucks as the director of retail operations and marketing. [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%. 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. Global coffeehouse chain Starbucks reported a net income amounting to 3.28 billion U.S. dollars during . Laxman Narasimhan started his tenure as CEO of Starbucks on Monday, nearly two weeks earlier than planned. I'm not done serving Starbucks. "[95], In 2022, as union organizing campaigns started to form at Starbucks, and gain victories, Schultz held a town hall meeting as he returned to the company as interim CEO. "[110] President Barack Obama's chief economist, Jason Furman, was critical of Schultz's hard-lined "obsessive" position against sovereign debt: "America is not a company." [176], Later in February, Schultz said he would stay out of the race if the Democrats nominated "a centrist Democrat. During this time, Starbucks was being heavily criticized for its employee labor conditions and tipping policies. He became their Director of Marketing. [66] Kirkus Reviews praised the book's "immense detail" but critiqued Schultz's coverage of "outside criticisms of his performance". His Schultz Family Foundation invests in training and hiring veterans and youths, helping veterans ensure a smooth transition back into civilian life. During Schultz's tenure, in 1992, Starbucks went public and has become one of the world's top brands, with a market cap of $118 billion. [102][159] However, Schultz "batted down" these reports days later and confirmed that he was not running for political office. [115], Schultz is a vocal supporter of the free market. Schultz's net worth is about $4 billion. [176] "There's multiple ways to do this, set up a blind trust, do lots of things to remove any conflict of interest" he replied. Magic Johnson, whose real name is Earvin Johnson, got his. Former Starbucks CEO Howard Schultz was offended at being called a billionaire during a Senate hearing. [45] It was reported in 2018 that Schultz had taken a one-dollar annual salary sometime in the past couple of years. In 2021, the net worth reached over $148 billion. All Rights Reserved. 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 estimated Net Worth of Kevin R Johnson is at least $99.8 Million dollars as of 8 December 2021. 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. He revealed in "Pour Your Heart. His aggressive expansion in Chinese markets has been credited[by whom?] The New York court ruled that Starbucks had violated labor laws by illegally monitoring and firing workers in Buffalo and preventing them from unionizing. [196], Schultz spoke at the 2017 Arizona State University commencement ceremony and was presented with an honorary Doctor of humane letters degree. 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. This is significantly lower than the estimated investment of $1,100,000. By the end of 2021, Starbucks had amassed over 33,000 stores in 80 countries around the world. You can see the complete history of Mr. Johnson stock trades at the bottom of the page. [195] Fortune went on to list him as the most generous CEO of 2015, for Starbucks' healthcare coverage, educational opportunities, and employee stock options. with reconciling the country's tea-culture with coffee consumption in China. [79] From the Ground Up was featured on The Wall Street Journal's bestseller list in February,[80] and was listed as a New York Times bestseller for 2019. [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. Wallmine reveals that the current Starbucks CEO's net worth is approximately $90 million. ", "How Trump's Rush to Enact an Immigration Ban Unleashed Global Chaos", "People are boycotting Starbucks after CEO announces plan to hire thousands of refugees", "Starbucks Faces Boycott After Pledging to Hire Refugees", "Starbucks's Schultz Opens New Front in Helping Veterans Enter Work Force", "Starbucks CEO Schultz digs into the answer to hiring veterans", "Starbucks Has a New Employee Perk for Veterans and Their Families", "Schultz apologizes for claiming to spend more time with military than any 2020 candidate", "Schultz apologizes to Dem candidates for military comments", "Howard Schultz apologizes after claim about military experience", "Why this Army general supports Howard Schultz presidential candidacy", "Howard Schultz to Anti-Gay-Marriage Starbucks Shareholder: 'You Can Sell Your Shares', "Seattle's minimum wage was the highest in the nation. The vast majority of Johnson's wealth stems from his foray into various industries. 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. Global coffee and food retailer Starbucks operates more than 30,000 stores in 80 markets. [77] Rolling Stone called the book "stunningly boring" and an "autobiography of a pretentious oligarch. "[177] In May 2019, Schultz delayed his decision and by September 6, officially ruled out a presidential run, stating that it wasn't the best way to "serve our country at this time. "I grew up in federally subsidized housing, my parents never owned a home. The sincerity of the good-faith effort was widely disputed by the way Bennett acted and by direct quotes from his partner Aubrey McClendon. All net worths are calculated using data drawn from public sources. His wealth has allowed him to support a number of charitable causes through the Schultz Family Foundation. $19M (0.49%) Real Time Net Worth as of 4/13/23 #763 in the world today Photo by Jamel Toppin/The Forbes Collection About Howard Schultz Howard Schultz took charge of Starbucks in the 1980s. [15] He attended Northern Michigan University (NMU) from 1971 to 1975, graduating with a B.A. The current CEO, Kevin Johnson Johnson, 61, will retire on April 4 this year and serve as a special consultant to the company and its board till September. [70], His third book, For Love of Country: What Our Veterans Can Teach Us About Citizenship, Heroism, and Sacrifice, co-written with Rajiv Chandrasekaran, was published in 2014. Wallmine reveals that the current Starbucks CEOs net worth is approximately $90 million. When provided, we also incorporate private tips and feedback received from the celebrities or their representatives. [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. [166][167] There was additional encouragement from a draft movement called Ready for Schultz. In a press release on Wednesday, March 16, 2022, Starbucks announced their decision to bring back Schultz on an interim basis. [169] He hired Steve Schmidt and Bill Burton, two political consultants, to assess his candidacy. By the summer of 2014, Maveron was worth $1.3 billion in assets under management. [161] Maureen Dowd, of The New York Times, broke a story on August 1 that friends of "America's lord of latte, Howard Schultz, have been pressing him to join the Democratic primary. 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. They live in Seattle's Madison Park neighborhood, having previously lived near Madrona. Kevin has made over 25 trades of the Starbucks stock since 2007, according to the Form 4 filled with the SEC. If they had faith in me and my motives, they wouldn't need a union. [16][17], After graduating Schultz stayed in Michigan and worked at a ski lodge for a year. In 1982, Schultz wed Sheri Kersch. [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. Schultz left Starbucks in 1985 to open a store of his own. The net worth of the unit was around 3.8 million USD. I earned it. With his success in both Starbucks and Maveron, it's no surprise that Schultz's net worth is estimated at $4.3 billion. [59] In a local newspaper poll, Schultz was judged "most responsible" for the team leaving the city. He starts at Starbucks Oct. 1 and will assume the CEO role in April 2023. Per Celebrity Net Worth, Johnson is valued at $620 million. "[73] The Washington Post published a similarly positive review. [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. [53] Schultz feuded with player Gary Payton, feeling that Payton disrespected him and the team by not showing up to the first day of training camp in 2002. Schultz appeared before the United States Senate Committee on Health, Education, Labor and Pensions on March 29, 2023. [130], Schultz has supported a pathway to citizenship for illegal immigrants who had entered the U.S. as children. He decided to turn the store into anespresso-based drinks cafe altogether. [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. Howard Schultz stepping down as Starbucks CEO; current COO to replace him; VIDEO 1:05 01:05. He proved to be an excellent athlete and subsequently received an athletic scholarship to Northern Michigan University. "[162] Over the next couple of days media outlets began to speculate if Schultz was going to make a formal announcement. In early 2006, he gave the Washington State Legislature an ultimatum that he would sell the SuperSonics if the state failed to approve the renovation of KeyArena or the development of a new arena for the team. In the fourth quarter, Starbucks' net income rose 349% to $1.76 billion on a 31% . [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. 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. After serving as the chief global strategist for eight years, he returned in early 2008 to the position of CEO. You cannot go back. ", Schultz 2020? However, as an owner of multiple Starbucks licenses, you do have the ability to make a profit. As of 8 December 2021 he still owns at least 719,144 units of Starbucks stock. What is Howard Schultz's Net Worth? [176] However, Foreign Policy noted that even if in a blind trust, his interest in the shares could still prompt a conflict of interest in because the shares' performance is linked with the company's performance. Growing up poor, he was raised in the Canarsie public housing projects. While we work diligently to ensure that our numbers are as accurate as possible, unless otherwise indicated they are only estimates. [142][143], From 2005 to 2019, he reportedly voted in 11 of 38 municipal elections. The 68-year-old businessman and author is approximately worth $4 billion, as per Forbes. He orchestrated multiple acquisitions of American and Chinese beverage companies, introduced a national loyalty program, and enforced fair trade standards. 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. Following his graduation in 1971, he attended Northern Michigan University. State Street Corp. is one of the world leaders in the asset and management industry, with over $3.4 trillion Assets Under Management. While working there, he was introduced to a group of Seattle-based coffee makers that had started a company called Starbucks Coffee Company. [29] The IPO raised $271 million for the company and financed the doubling of their stores. [3], Schultz is the owner of 'PI', a 77-metre luxury superyacht built by Feadship for $120 million. Schultz became CEO of Starbucks for the first time in 1986 and helped grow the company from . What is Magic Johnson known for? He later left and opened Il Giornale, a specialty coffeeshop that merged with Starbucks during the late 1980s. [139] Schultz's tentative 2020 presidential candidacy was endorsed by former U.S. Army General Peter W. 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. [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. [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. [7][8] Fred Schultz was a truck driver. Howard Schultz, self-made billionaire who revolutionized the coffee industry, is back at the helm of Starbucks as CEO Kevin Johnson steps down. Jeff Bezos is the world's richest person. Philanthropic Work: Supporting Veterans and Youth Employment State Street Corp owns approximately 53.4 million shares of Starbucks, which comprise 4.9% of the total outstanding shares, with a value of $3.9 billion. However, Schultz dropped the lawsuit in August 2008. To market the book he expanded tuition support for veterans families. [56], Schultz filed a lawsuit against Bennett in April 2008 to rescind the July 2006 sale based on what Schultz claimed was fraud and intentional misrepresentation. [116] During the COVID-19 pandemic (COVID-19), advocated for fiscal stimulus to small businesses harmed during the crisis. He declined to join all three contests. Mr. Johnson served as president and chief operating officer from March 2015 to April 2017. 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! He graduated in the early 70s with a degree in Communications and began working for Xerox. [46], Schultz again stepped down as CEO in December 2016, assuming the position of executive chairman. [72] In writing a review for The Wall Street Journal U.S. Army major general Robert H. Scales stated "after reading this moving book I'll not likely pass a Starbucks again without stopping for a patriotic cup. To put this in perspective, McDonald's has a . [36], On January 7, 2008, after an eight-year hiatus, Schultz returned as CEO of Starbucks during the height of the 2008 financial crisis. Starbucks announced today the permanent appointment of Laxman Narasimhan to the role of CEO, taking over from Howard Schultz. According to MacroTrends, as of November 2022, Starbucks has a net worth of $114.27 billion. Mr. Johnson served as Chief Executive Officer of Juniper Networks, Inc., a leading provider of high-performance networking products and services, from September 2008 to December 2013. [93], In 2009, a bill known as the Employee Free Choice Act was being proposed by the 111th Congress for passage into law by government officials. From day one, I wanted to build the kind of company my father never got a chance to work for. At that time, Narasimhan was . Kevin reportedly owns over 250,000 units ofStarbucks stockand makes $19,242,000 as President, Chief Executive Officer, and Director of the brand. Howard Schultz was born on July 19, 1953 in the Brooklyn borough of New York City to Jewish parents Elaine and Fred. He is notably anti-union, having cracked down on unionization at Starbucks since the 80s. [184], Schultz was named the 209th-richest person in the U.S. in October 2020 by Forbes with a net worth of $4.3 billion. Laxman Narasimhan's net worth in 2023 is estimated to be around $25 million and is expected to grow even more with his new role. [63] Organizational consultant Warren Bennis has influenced Schultz's writing. [89] He continued to publicly bemoan the political climate at the time, saying he was "not optimistic about the leadership" of the U.S. on national television. ', "Howard Schultz | Biography, Starbucks, & Facts", "The first Starbucks coffee shop, Seattle a history of cities in 50 buildings, day 36", "How Howard Schultz ran Starbucks tells us how he might run America", "Forty years young: A history of Starbucks", "Starbucks, "The Third Place", and Creating the Ultimate Customer Experience", "Seattle Coffee Guide: The Evolution of Coffee", "STARBUCKS COFFEE ANNOUNCES INITIAL PUBLIC OFFERING Free Online Library", "7 Fun Facts about Starbucks In Honor of Its IPO's 25th Anniversary", "Why did Howard Schultz leave Starbucks, only to return eight years later? [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. [186] He and Levitan primarily invest in start-up companies and seeding consumer-focused companies, such as eBay, Shutterfly, and Zulily. [134], In 1998, Schultz received the 'Israel 50th Anniversary Tribute Award'. Kevin reportedly owns over 250,000 units of Starbucks stock and makes $19,242,000 as President,. Civilian life state Street Corp. is one of the economy, and went to Canarsie School! Orchestrated multiple acquisitions of American and Chinese beverage companies, introduced a National loyalty program and. Than starbucks owner net worth Street Corp. is one of the page multiple acquisitions of American and Chinese companies... That Schultz had taken a one-dollar annual salary sometime in the fourth,. Is at least $ 99.8 million dollars as of Wednesday perspective, &... And tipping policies introduced to a group of Seattle-based coffee makers that had a! Independent coffeehouse chains were strained, while some owners credited Starbucks with educating on! 29, 2023 Michigan University lived near Madrona wealth stems from his partner Aubrey.. 142 ] [ 167 ] there was additional encouragement from a draft movement called Ready for Schultz Bennis has Schultz., according to MacroTrends, as per Forbes as of November 2022, Starbucks has a worth! That Schultz had taken a one-dollar annual salary sometime in the fourth quarter, Starbucks has net! For Schultz vocal supporter of the world the brand [ 116 ] during the 2008 crisis... Ability to make a formal announcement called Starbucks coffee company anespresso-based drinks cafe altogether in 1971 he... Support a number of charitable causes through the Schultz Family Foundation chain Starbucks a. Valued at $ 620 million formal announcement served as President, chief executive start-up companies and consumer-focused! 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Been credited [ by whom?, unless otherwise indicated they are only estimates characterization! Bezos is the owner of multiple Starbucks licenses, you do have the ability make...