JohnFScott
Starbucks Corporation (NASDAQ:SBUX) announced that Howard Schultz will step down from the board as part of a planned transition. Schultz, who previously stepped down as chief executive officer in March of this year, will continue to serve as Chairman Emeritus.
“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,” stated Schultz. The founder of the modern-day Starbucks (SBUX) said he looks forward to supporting the next generation of leaders to steward Starbucks into the future.
Under Schultz’ leadership, Starbucks (SBUX) went public on June 26, 1992. Since then, the stock price has increased on a split adjusted basis to $96.24 to represent an increase of approximately 36,000% or, including dividends, a total return of approximately 41,000% vs. the 1,000% total return for the S&P 500 Index over the same period.
Starbucks (SBUX) also announced the election of Wei Zhang to the company’s board, effective October 1. Zhang most recently served as senior advisor to Alibaba Group (BABA), and formerly led Alibaba Pictures Group as president. Zhang joins Starbucks board as its ninth director, following the election of Beth Ford, CEO of Land O’Lakes Inc., earlier this year.
Shares of SBUX dipped 0.65% in postmarket trading on Wednesday.
