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As Howard Schultz prepares for his last day as executive chairman at Starbucks, it's hard to downplay his impact on the business world. The man who convinced a country to spend $ 4 or more for a cup of coffee created an industry that its rivals quickly adopted. And created an enviable net worth in the process.
According to Bloomberg, Schultz's net worth is estimated at $ 3.2 billion. This does not place him among the 500 richest in the world and is far from $ 138 billion from Jeff Bezos, but Schultz's net worth is far from the public housing Brooklyn in which he grew up.
Schultz's exit from Starbucks does not mean we heard the last of it, though. Schultz, in fact, left Starbucks before, in the mid-1980s, amid disagreements over his plans for expansion.
This release of Starbucks, however, seems more permanent. While Schultz officially declared that he wanted to spend more time with his family, there is more and more speculation that he is considering a run for a political position, perhaps the presidency. (Schultz has always had strong political convictions and has been a frequent critic of Donald Trump's presidency.)
As for Starbucks, Myron E. Ullman, the former CEO of J.C. Penney, will take over the company presidency. At the same time, Mellody Hobson, president of Chicago-based investment firm Ariel Investments, will take up the position of vice president of Starbucks.
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