By clicking Sign up, you agree to receive marketing emails from Insider During the 2008 financial crisis, Schultz returned as chief executive. Heres a look at his net worth. Howard Schultz is an American billionaire entrepreneur who has a net worth of $3.5 billion. 2023 Celebrity Net Worth / All Rights Reserved. Beyond his work at Starbucks, Schultz has been involved in the executive world of professional basketball. [90] According to OpenSecrets, an organization that tracks money donated to politicians, and political parties, Schultz donated to Barack Obama's 2008 presidential campaign twice, once on June 30, 2007, for $2,300, and again on October 24, 2008, for $2,300. In 2020 he described the treatment of business and capitalism by American society as "vilification". Mr. Johnson served as president and chief operating officer from March 2015 to April 2017. [69] All sale proceeds from the book were donated to the Starbucks Foundation, the firm's main charity. When you go to sell a Starbucks store based on the median multiple of .36 and net sales estimate of $1,235,000, it would sell for $444,600. He is an outspoken neoliberal. Back then, Starbucks was merely a coffee bean store but it became a full-fledged cafe after Schultz bought it in the early 1980s. The law would allow unions to form by simply gathering a majority of signatures in the workplace, what is known as a "card check", obviating the need to have secret ballot union-elections. [17] He then took up a job in New York City as a salesman for Xerox, and was recruited by Swedish kitchenware manufacturer PAI Partners in 1979 to be general manager of its U.S. subsidiary, Hammarplast. In 1982, Schultz wed Sheri Kersch. You can see the complete history of Mr. Johnson stock trades at the bottom of the page. [124][125][126] Schultz is against Medicare for All. [181], In 1982, Schultz married Sheri Kersch, with whom he has two children. [123], Under his leadership Starbucks became the first U.S. company to offer part-time workers, particularly baristas, healthcare. 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. During his ownership of the former team, Schultz was widely criticized for running the franchise more like a business than a team. Now that Mr. Schultz is retiring and has decisively stated that he will not be leading Starbucks anymore, where does this leave the company and its shareholders? [146] Washington governor Jay Inslee, who was running against Schultz in the 2020 election, criticized him for his absence in state politics. [102] During his exploratory 2020 presidential campaign, Schultz explained to multiple media outlets that, if elected, he wished to exclusively legislate with bipartisan support. The first person in his family to graduate from college, Schultz attended Northern Michigan University on a football scholarship. According to MacroTrends, as of November 2022, Starbucks has a net worth of $114.27 billion. I earned it. The New York court ruled that Starbucks had violated labor laws by illegally monitoring and firing workers in Buffalo and preventing them from unionizing. [110][112][113], In 2008, Schultz doubled the amount of fair trade coffee Starbucks bought. 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. [4][5] On March 20, 2023, Schultz announced that he would be stepping down early from the position. In the summer of 1992, Starbucks went public, raising $271 million. "[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." You cannot go back. Schultz, was the chairman and CEO of Starbucks from 1987 to 2000, from 2008 to 2018, and as interim CEO from 2022 to 2023. In the new millennium, Schultz worked to significantly expand the global market reach of Starbucks, with the company opening numerous stores in China. Schultz also owned the Seattle SuperSonics basketball team from 2001 to 2006. Later on, Schultz renamed II Giornale to Starbucks. He previously worked for many years at IBM and later Microsoft. However, Schultz returned as an interim CEO in March of 2022 after Kevin Johnson left the position. [193] In 1999 AIDs Action awarded Schultz the National Leadership Award for philanthropic and educational efforts to battle AIDS. [105][106] During his 2019 exploratory bid for the presidency, Schultz framed his candidacy as that of a socially liberal deficit hawk with fiscally moderate leanings. [147], Congressman George Nethercutt, a moderate Republican, opined that Eastern Washington "may like what they hear and vote for [Schultz]" more than the Western region. He decided to turn the store into anespresso-based drinks cafe altogether. [3], Schultz is the owner of 'PI', a 77-metre luxury superyacht built by Feadship for $120 million. Schultz faced off against Sanders in a hearing Wednesday, amid allegations that Starbucks violated federal labor law through union-busting tactics. Howard Schultz is best known for serving as the CEO of the coffee chain Starbucks. "[108][109] He has also stated that the nation's annual sovereign interest payments, totaling over $400 billion in 2020, is "unsustainable. 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. Shenandoah Davis came on as CEO to scale the company to 7-figures. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. There are 5 older and 20 younger executives at Starbucks. He also served on the Board of Directors of Juniper Networks from September 2008 through February 2014. [166][167] There was additional encouragement from a draft movement called Ready for Schultz. In June 2014, Schultz announced that every Starbucks employee will be able to take free online college classes from Arizona State. The most recent stock trade was executed by Rachel Ruggeri on 21 February 2023, trading 736 units of SBUX stock currently worth $77,648. Schultz graduated from NMU in 1975 with a BA in communications. Brandy Schultz founded Adventure Nannies to start a business and support her aspiring musician boyfriend, now husband, Wesley Schultz, lead singer of The Lumineers. Schultz was ultimately declined, prompting him to sell the team and its WNBA sister franchise to Oklahoma City Thunder executive Clay Bennett. The 68-year-old businessman and author is approximately worth $4 billion, as per Forbes. Subsequently, he moved back to New York City and became a salesman for Xerox. We welcome all corrections and feedback using the button below. [176] He had, however, promised to release all of his tax returns if elected. [84][85] Schultz's political positions are similar to the Democratic Party platform. [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. This is significantly lower than the estimated investment of $1,100,000. [44] During the summer of 2014, Schultz launched the Starbucks College Achievement Plan, a partnership with Arizona State University, which allows all employees at Starbucks working 20 or more hours a week to qualify for free tuition through ASU's online courses. Following large-scale distribution deals Starbucks became the largest coffee-house chain in the world. [102][159] However, Schultz "batted down" these reports days later and confirmed that he was not running for political office. [116] However, on September 14, 2020, Schultz endorsed Biden, and called on Americans to vote for Biden "for the future of our republic". He first held that position from 1986 to 2000, and then again from 2008 to 2017 and again in an interim capacity in 2022. 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. 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. Net worth: $60 million (estimated) Kevin Johnson is the CEO of Starbucks, the coffee chain founded by Howard Schultz. [22] Another $100,000 investment came from local doctor Ron Margolis. Howard has two siblings. [41] Starbucks signed an agreement with the government of Ethiopia in 2007 to ensure increased pay to farmers. According to Fortune, he was positioned to be a "worthy party back-up to [Hillary] Clinton. Remaining in Michigan after graduating from college, Schultz took a job at a ski lodge for a year. To ensure seamless stewardship of the company until a permanent successor is named, the Board has appointed Howard Schultz as interim chief executive officer, effective April 4, 2022, the statement read. The firm's relations with independent coffeehouse chains were strained, while some owners credited Starbucks with educating customers on coffee. One key lesson from him: there is no reverse gear in life. Schultz left Starbucks in 1985 to open a store of his own. [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. He eventually grew the company to the massive empire it is today. Schultz began working at Starbucks in 1982. Schultz publicly considered a candidacy in the 2012, 2016, and 2020 U.S. presidential elections as an independent candidate. Starbucks CEO Howard Schultz Could Face Subpoena To Testify Before Congress, Bernie Sanders Says, Starbucks Stock Drops After Massive Decline In China Sales, Starbucks Stock: Starbucks Financial Performance Under Howard Schultz, Q.ai - Powering a Personal Wealth Movement, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. Starbucks executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. To market the book he expanded tuition support for veterans families. 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.. After serving as the chief global strategist for eight years, he returned in early 2008 to the position of CEO. [60] Ten years later, in 2019, Schultz accepted full responsibility for the sale. He left Xerox to become a manager for a Swedish coffee manufacturer. 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. Top editors give you the stories you want delivered right to your inbox each weekday. [194] Schultz was named Fortune magazine's 2011 "Businessperson of the Year" for his initiatives in the economy and job market. "[61], Schultz has written four books, three of which incorporate business memoir-style narratives. 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