Starbucks chairman to step down at end of June

Howard Schultz will step down as chairman of Starbucks later this month, he told employees Monday.

Schultz notified employees in a memo that he will leave his role effective June 26. He did not provide any indication of what specifically he will do next.

“I’ll be thinking about a range of options for myself, from philanthropy to public service, but I’m a long way from knowing what the future holds,” Schultz said in the memo. 

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Myron Ullman, former CEO of J.C. Penney, will take over for Schultz.

Schultz has been with the company since 1982 and served multiple stints leading the company. He worked as CEO from 1987 to 2000, then filled the role again from 2008 to 2017.

After stepping down as CEO in 2017, he remained on as executive chairman.

The company made headlines in April when police arrested two African-American men while they were waiting for a friend at a Starbucks near Philadelphia.

Schultz said he was “embarrassed” and “ashamed” by the incident. In response, the company closed its more than 8,000 locations for a couple of hours on May 29 to hold anti-bias training for employees.

Schultz has described himself as a “life-long Democrat,” and has supported Democratic presidential candidate Hillary Clinton and former President Obama. He criticized President Trump last week for exacerbating the country’s “racial divide.”

According to CNBC, Shultz currently owns more than $2 billion in Starbucks stock.