Schultz stepping down at Starbucks

Executive chairman is taking emeritus title, fueling speculation of U.S. presidential run.

Starbucks Corp.’s Howard Schultz is stepping down as executive chairman of the coffee company he helped transform into a global brand, and says public service may be in his future.

Schultz, 64, said he is considering many possibilities. He endorsed Democratic presidential nominee Hillary Clinton before the last presidential election and had sometimes deflected questions about whether he would run for office.

“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,” he said Monday in a letter to employees.

Speculation has swirled for years that Schultz might run for president. Although he didn’t address the question directly, he told the New York Times on Monday that “I have been deeply concerned about our country — the growing division at home and our standing in the world.”

Schultz ceded the day-today duties of Starbucks chief executive last year to focus on innovation and social-impact projects as executive chairman. As of June 26, Starbucks says, Schultz will take the title of chairman emeritus. The Seattle-based chain says he is writing a book about Starbucks’ social-impact moves and its efforts to redefine the role of a public company.

Schultz, who had returned as the company’s CEO in 2008, was credited with turning around Starbucks’ fortunes. He oversaw expansion of the chain’s food and beverage menu and the growth of its popular loyalty program and mobile app.

Myron E. “Mike” Ullman will become chairman of the board upon Schultz’s retirement, Starbucks said.