"Wei is recognized as an innovator and game changer, and we are thrilled to have her join us. Zhang joins Starbucks board as its eighth director, following the election of Beth Ford, CEO of Land O’Lakes Inc., earlier this year. Zhang most recently served as senior advisor to Alibaba Group, and formerly led Alibaba Pictures Group as president. Starbucks also announced today the election of Wei Zhang to the company’s Board of Directors, effective October 1. Going forward, we will forever be inspired by his passion, heart, spirit, and commitment to the power of human connection, and we remain grateful for his support of our leaders and confidence in the company." On behalf of the board, I offer my deepest thanks and appreciation to him as he steps down. "He put partners and shareholders above himself when he returned to Starbucks as ceo in 2022, working tirelessly.
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"Howard’s vision, courage and deep love and responsibility for partners and this company created a blueprint for us all in how to lead through the lens of humanity," said Mellody Hobson, independent Starbucks Board of Directors chair.
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They are co-founders of the Schultz Family Foundation and emes project LLC, two organizations working in partnership with employers, entrepreneurs, non-profits, and governments to seed innovations and scale solutions that are aimed at enabling everyone to access the full promise of America. Schultz, who built Starbucks into a company that has served as a launching pad for millions, will now turn his attention with his wife Sheri to focus on a range of philanthropic and entrepreneurial investments to create greater opportunity, accessible to all. Under his leadership, Starbucks became one of the first employers to offer company stock ownership and health care for full and part-time employees, pathways to higher education by providing upfront tuition coverage through the Starbucks College Achievement Plan, family expansion benefits, and more. Since then, the stock price has increased on a split adjusted basis to $96.24 today, as of September 12, 2023, representing an increase of approximately 36,000 percent or, including dividends, a total return of approximately 41,000 percent on the investment compared to an approximately 1,000 percent total return for the S&P 500 over the same period.Īlong the way, Schultz focused on creating opportunities for partners such as he never had growing up in the housing projects of Brooklyn, New York. Schultz, who has long encouraged Starbucks partners to "dream big and then dream bigger," transformed Starbucks from a small company selling only whole beans to the renowned third place that it is today with more than 36,000 stores in 86 markets around the world. I look forward to supporting this next generation of leaders to steward Starbucks into the future as a customer, supporter and advocate in my role as chairman emeritus." I am enormously blessed to have experienced this journey from the ground floor at the company these many years. "My gratitude to them and the millions of stakeholders and customers that have helped Starbucks endure is beyond measure. "As I reflect on my 41 years with the company, a foundation of love and creative, passionate customer experience has been built by over five million partners (employees) around the world who have worked in the company," said Schultz. SEATTLE – Starbucks Coffee Company (NASDAQ: SBUX) today announced Howard Schultz, the company’s modern-day founder and chairman emeritus, will step down from the Board of Directors effective today as part of a planned transition. Schultz previously stepped down as chief executive officer in March of this year. Howard Schultz to retire as director Starbucks honors Schultz as lifelong Chairman Emeritus, forever inspired by his passion, heart, spirit, and commitment to the power of human connectionĮlects Wei Zhang to join Board of Directors, bringing more than 20 years of experience in global operations, consumer technology and corporate business development
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