The executive chairman of US coffeehouse chain Starbucks, Howard Schultz, announced his resignation from the company on Monday amid growing rumors of him mulling a career in politics, the Independent newspaper reported today.
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In response to his exit from Starbucks, a hedge fund manager reiterated his belief that Schultz will seek nomination as the Democrat’s 2020 presidential candidate.
"For two years, I have offered that Schultz will seek the 2020 Democratic presidential nomination… I still believe so," Douglas Kass, founder of hedge fund Seabreeze Partners Management Inc, said in response to Schultz’s resignation.
He is yet to confirm speculation that he is indeed seeking to enter the top-tier of US politics, and has previously denied having political ambitions. However, in an interview with the New York Times today, Schultz was more open about the prospect of him entering politics and didn’t rule out public service.
"I intend to think about a range of options, and that could include public service. But I’m a long way from making any decisions about the future. [I’m] concerned about our country — the growing division at home and our standing in the world. One of the things I want to do in my next chapter is to figure out if there is a role I can play in giving back. I’m not exactly sure what that means yet."
He is known to hold liberal views and has often spoken out on social issues, and other contemporary developments in US politics.
With input from Mr. Schultz, the café chain went from just under a dozen branches to almost 30,000 in 77 countries in the space of less than 40 years.
With his resignation confirmed and accepted, Myron Ullman, who formerly served as the chairman and CEO of retailer J.C. Penney Co, will take over as the executive chairman of Starbucks.
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