After more than four decades of involvement with Starbucks, Schultz has stepped down from the board of directors. Schultz served as executive chairman and CEO for a total of 24 years and, after leaving his office in 2018, remained on the company’s board. But now that he’s taken the plunge to pursue other endeavors, he’s officially departing from the company he helped build.
The 65-year-old founder has hinted in recent months that he was considering a presidential run in 2020. He has been a vocal critic of President Donald Trump and recently published a book in which he outlines some of his political platforms.
In a statement released Wednesday, Schultz thanked the company’s employees, board and shareholders for their support during the past four decades.
“I will remain one of the largest Starbucks shareholders, and I will strive to continue to be an engaged shareholder. I am proud that I have completed every role at the company, from hourly partner and store manager to chairman and CEO,” he wrote.
Starbucks CEO Kevin Johnson was quoted in the statement praising Schultz’s contributions and “tireless efforts” in building the company. Starbucks also noted that the departure was not the result of any disagreement between Schultz and the company.
The company’s stock price was down slightly following the announcement.