What is Howard Schultz’s Net Worth?

Howard Schultz is an American billionaire entrepreneur, famous for being the CEO of Starbucks. He held the position from 1986 to 2000, then again from 2008 to 2017, and recently in an interim capacity in 2022.

Despite growing up in poverty, Schultz received an athletic scholarship to Northern Michigan University, where he graduated with a degree in Communications in the early 70s. He worked for Xerox before becoming a manager for a Swedish coffee manufacturer, where he was introduced to a Seattle-based coffee company called Starbucks Coffee Company. Schultz became their Director of Marketing but left to start his own coffee shop, Il Giornale, which eventually bought out Starbucks from the original owners.

Under Schultz’s leadership, Starbucks grew to become a massive empire, with a market capitalization of over $100 billion. Schultz has been a vocal supporter of raising minimum wages and, in 2014, announced that every Starbucks employee would be able to take free online college classes from Arizona State.

Despite controversy, Schultz has been a major player in the business world and even considered running for the US presidency.

Early Life and Education

Howard Schultz was born in Brooklyn in 1953 to Jewish parents and grew up in Canarsie public housing projects. He attended the Boys’ Club of New York and graduated from Canarsie High School in 1971. Schultz went on to Northern Michigan University, where he earned a BA in communications in 1975.

Howard Schultz’s Early Career

After graduating from college, Schultz worked at a ski lodge in Michigan for a year. He then moved back to New York City and became a Xerox salesman. Later, he became the general manager of Hammarplast’s American division, where he oversaw coffee machine manufacturing operations.

Howard Schultz’s Career at Starbucks

In 1982, Schultz was hired by Starbucks as the director of marketing and retail operations. He tried to persuade the owners to begin selling traditional espresso beverages, but logistical factors prevented them from doing so. Schultz left Starbucks in 1985 to open his own store, Il Giornale, which was later rebranded as Starbucks.

As CEO, Schultz expanded the company’s reach throughout the United States and took Starbucks public in 1992, raising $271 million. He stepped down as CEO in 2000 to become the company’s chief global strategist.

Howard Schultz’s Expansive Role in Starbucks

Howard Schultz greatly expanded Starbucks’ global market reach in the new millennium, opening numerous stores in China. After serving as the chief global strategist for eight years, he returned to the position of CEO in 2008, during a time when Starbucks was being criticized for its employee labor conditions and tipping policies. Schultz oversaw a mass-firing of executives and the closure of hundreds of stores, before enforcing fair trade and ethical source policies, which resulted in a doubling of the company’s annual purchase of fair trade coffee. In 2014, Schultz established the Starbucks College Achievement Plan in collaboration with Arizona State University. As of 2021, Starbucks has over 33,000 stores in 80 countries worldwide.

Howard Schultz’s Career at Starbucks

After serving as CEO of Starbucks for several years, Schultz stepped down in December 2016 and became executive chairman. A year and a half later, he retired from active management of the company. However, in March 2022, Schultz returned as an interim CEO after Kevin Johnson left the position.

Howard Schultz’s involvement in professional basketball

Howard Schultz, in addition to his work at Starbucks, has been involved in the executive world of professional basketball. He led a group of investors in the purchase of the NBA’s Seattle SuperSonics and the WNBA’s Seattle Storm in early 2001. However, during his ownership of the SuperSonics, Schultz was widely criticized for running the franchise more like a business than a team.

In early 2006, Schultz gave the Washington State Legislature an ultimatum that he would sell the SuperSonics if the state failed to approve the renovation of KeyArena or the development of a new arena for the team. Despite his efforts, Schultz was ultimately declined, prompting him to sell the SuperSonics and its WNBA sister franchise to Oklahoma City Thunder executive Clay Bennett.

Howard Schultz’s Business Books

Howard Schultz, former CEO of Starbucks, has written several books on business and leadership. In 1997, he co-wrote “Pour Your Heart Into It: How Starbucks Built a Company One Cup at a Time” with Dori Jones Yang. In 2011, he co-wrote “Onward: How Starbucks Fought for its Life Without Losing its Soul” with Joanne Gordon, which chronicled the company’s struggles during the 2008 recession. Schultz’s third book, “For Love of Country: What Our Veterans Can Teach Us About Citizenship, Heroism, and Sacrifice,” was co-written with Rajiv Chandrasekaran and published in 2014. His most recent book, “From the Ground Up: A Journey to Reimagine the Promise of America,” was released in 2019 and is a memoir about his potential presidential candidacy.

Howard Schultz’s Political Views

Howard Schultz is a neoliberal technocrat who supports free trade, tax reform, gun control, and a balanced budget. He has been known to crack down on unionization at Starbucks since the 80s and is anti-union. He is a deficit hawk in terms of the economy and a liberal hawk in terms of foreign affairs. Schultz has publicly considered running for US president as a Democrat or independent in 2012, 2016, and 2020.

Howard Schultz’s Venture Capital Firm Maveron Worth $1.3 Billion in Assets Under Management

Howard Schultz, co-founder of Starbucks, also founded the venture capital firm Maveron with investment banker Dan Levitan in 1998. The firm primarily invests in startups and consumer-focused companies. As of the summer of 2014, Maveron had assets under management worth $1.3 billion.

Schultz’s Personal Life and Philanthropy

In 1982, Schultz married Sheri Kersch. They have two children and live in the Madison Park neighborhood of Seattle. Schultz and his wife co-founded the Schultz Family Foundation and Onward Veterans.

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