The father of Starbucks announced that he would no longer hold the post of CEO.

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Recently, Howard Schultz, the founder of Starbucks for the third time, said that he will never be a CEO again because the company has found the right person. He will step down as CEO and continue to serve on the company's board of directors and serve as a long-term consultant to Naraxinhan.

A few days ago, Starbucks announced a new appointment. Lashmanna Rushingham, CEO of Reckitt, announced that he would be the new coach of Starbucks. When it comes to the challenges he faces in taking over the new CEO, Howard. Schultz said Starbucks would "fight a protracted war".

When talking about the Chinese market, he said that China will eventually overtake the United States in terms of the company's footprint. Naraxinhan, who appeared on the same show, said his tenure at Starbucks would be a "structured immersion process", giving him a chance to become an apprentice. It is understood that the appointment will take effect on October 1 this year.

A few hours before Starbucks' annual shareholder meeting on March 16, Starbucks announced that Kevin Johnson, who had joined the company for 13 years and had been CEO for five years, would retire on April 4. On Johnson's departure, the board of Starbucks said that Johnson had signaled to the board a year ago that he was considering retiring from Starbucks.

According to public sources, Howard Schultz served twice as Starbucks' CEO, served as Starbucks' retail operations and marketing director in 1982, acquired Starbucks in 1987 to become one of the founders, and became Starbucks' CEO for the first time here. Schultz resigned as CEO of Starbucks in 2000 and returned during the 2008 financial crisis until he stepped down in 2017 and was replaced by Kevin Johnson.

There is no suitable candidate until he retires in April, so Howard Schultz, who has led the company for 30 years, will return as interim CEO and once again run the world's largest coffee chain. "when you love something, you have a strong sense of responsibility and you choose to lend a helping hand," Schultz said in a statement. "

Schultz, 68, the founder and cultural architect of Starbucks, said in a statement that he had no plans to return to the company and that he focused on developing an innovation framework while mentoring and nurturing Starbucks' next long-term CEO. He said he would not stay in office for long, and this time he returned as interim CEO and asked the company to pay him $1 as "compensation". As the legendary founder of Starbucks, many people are excited about Schultz's return.

In fact, Schultz is not the earliest founder of Starbucks. When he first visited Starbucks Coffee in Seattle in 1981, he was a sales manager for a Swedish coffee maker. In 1982, Schultz, then 29, was hired by Starbucks as director of retail operations and marketing.

Schultz tried to persuade Starbucks bosses at the time to offer traditional espresso drinks and successfully piloted them in several stores. But the boss at the time realized that the cost of maintaining and repairing the espresso machine in the United States was high and that Americans were not familiar with the drink, so they did not continue to support Schultz's idea.

This led Schultz to leave Starbucks in 1985, taking the risk of introducing espresso to the US market and opening his own specialty coffee shop. It is understood that there were few seats in the shop at that time, serving ice cream in addition to coffee. In 1988, Starbucks' original management team changed direction, renamed Peet's Coffee & Tea, and sold its retail division to Schultz for $3.8 million.

Since then, Schultz renamed his coffee shop Starbucks and expanded his business across the United States. Under his leadership, Starbucks gradually established a huge marketing network, which influenced the coffee culture in the United States and even the world, and became the largest chain coffee brand in the world.

Starbucks' profits fell significantly due to the rise in global shipping costs and coffee bean costs, according to Starbucks' third-quarter 2022 results. Starbucks' total net income in the third quarter was $8.144 billion, up 9% from $7.497 billion a year earlier, and basic earnings per share were 80 cents per share on a diluted basis, according to the data. In addition, Starbucks' global same-store sales rose 3% in the third quarter, with same-store sales up 9% in North America and 44% in China.

Meanwhile, Starbucks' other revenue increased by $222 million in the third quarter, which Starbucks said was mainly due to increased product sales and royalty revenue from the Global Coffee Alliance, as well as the growth of its ready-to-drink business. As of July 3, 2022, Starbucks had 34900 company-owned and authorized stores worldwide, an increase of 5 per cent over the previous year.

The staff turnover rate has skyrocketed as a result of the epidemic, with data showing that 1/4 of coffee dispensers in Starbucks stores in the United States resigned within 90 days, up from 1/10 before. Although Starbucks is the largest coffee chain in the world, there is a lot of competition in the coffee market. With the rapid development of Lucky and other brands, established beverage companies and new tea brands have also launched a variety of innovative products, seizing many Starbucks customers and potential customers. Starbucks is facing multiple challenges.

Now Starbucks founder Howard Schultz says he will never be a CEO again. Let's wait and see what happens to Starbucks under the guidance of new coach Rushman Narasinghan.

Photo Source: Internet