Howard Schultz recently announced that he will be resigning from the post of executive chairman. He will also be relinquishing his seat on the board of directors. Also, the company honored on him the title of chairman emeritus which will be effective from June 26, 2018.
He was also gracious enough to acknowledge the contributions of 2 million employees.
He had taken over the position of CEO in Starbucks when there were only 11 stores. From just 11 stores, he has opened 28,000 stores. Currently, Starbucks operates in 77 different countries. The gain in the stock price has been 21,000%. As a result, immense value has been created for the shareholders.
Who founded Starbucks?
Starbucks was founded in the year 1971. It was founded by 3 friends in San Francisco. The 1st store was launched in Seattle. However, it was very different as compared to what Starbucks sells today. It did not sell coffee. It only sold roasted coffee beans. The initial name of the store was Starbuck. Over the years, they introduced espresso as well as brewed coffee. When CEO Howard Schultz took over in 1987, there were only 11 stores. Ever since then, he has expanded the company quite rapidly.
As the number of stores increased, the company also decided to branch out from just selling coffee and introduce some of the food items as well. Also, there are quite a few acquisitions along the way as well like La Boulange Bakery chain for $ 100 million.
The company has also been trying to introduce a new menu. There is as 1.5 billion-dollar food program which is underway currently to overhaul the entire menu. Since most of the Starbucks stores do not have a kitchen, they are trying to sell frozen food by reheating it. Over the years, they have experimented significantly in order to get the food options right.
From just being present in 7 different locations, Howard Schultz has made Starbucks a cult classic. There are millions of people all over the world to drink Starbucks coffee on a daily basis. As a result, the company has grown significantly in the past few decades. With the CEO stepping down, it comes to an end. It remains to be seen whether Starbucks is still able to provide such a breakneck pace after the CEO steps down or the growth also slows down. Keyword: Starbucks, Howard Schultz, CEO, starbucks history, starbucks wiki, starbucks company profile, starbucks ceo, starbucks subsidiaries, howard schultz