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On April 28, 2020, Howard Schultz, the former CEO of Starbucks, announced he was stepping down from the company’s board of directors effective immediately. In his role as director, Schultz had served on the compensation committee and the audit and risk committee.
“It’s been nearly forty years since I opened the first Starbucks store in Seattle’s Pike Place Market,” Schultz said in a statement. “After thoughtful consideration, I have reached the conclusion that I can best serve the company—as well as individual customers, shareholders, partners and employees—by focusing my attention on my writing, the development of projects with world-leading organizations, and my work advancing the social and racial justice movement.”
Schultz joined the company in 1982 and held various roles before he was named the company’s CEO in 1987. He then held the position for more than two decades, until he chose to step down in 2018. Since leaving Starbucks, he launched both a media brand and a charitable organization focused on social, racial and economic justice.
The news of Schultz’s decision to step down from the board came as Starbucks continues to navigate the challenges presented by the COVID-19 pandemic, including store closures and the need to adjust its menu and offer services such as delivery. Starbucks will now look to find a new board member to fill the vacancy left by his departure.