The arrogance of a CEO of a major company like Starbucks, that would put his radical political opinions above the health of the company and the stockholders is astounding. The idea that Howard Schultz believed he could say Starbucks would make hiring 10,000 refugees a priority, while so many Americans are out of work, and it wouldn’t harm the Starbucks brand is beyond foolish…
Howard Schultz, the current CEO of Starbucks, will step down from his role at the giant coffee chain next month.
The move comes after his vow to hire thousands refugees in response to President Donald Trump’s first travel ban appeared to hurt customer sentiment and dent their sales.
Trump supporters have called for a boycott of the chain since January 29, when Schultz vowed to hire 10,000 refugees over five years.
Schultz in a letter to employees said the promise of the American Dream was ‘being called into question’ and that ‘the civility and human rights we have all taken for granted for so long are under attack.’
He was also a public Clinton supporter and prominent democrat, and even considered as a running mate for the Democratic nominee at one point.
Almost immediately consumer perception levels took a hit as measured by YouGov BrandIndex’s Buzz score, falling by two-thirds between January 29 and February 13.
At the time, analysts at Credit Suisse said the coffee giant’s move had a negative impact on recent sales, and could continue to hurt them in the near future.
Schultz, with an estimated net worth of $3.1billion, will remain at Starbucks as executive chairman and will focus on strengthening the company’s high-end coffee shops.
Schultz will be replaced as CEO by Kevin Johnson, Starbucks’ chief operating officer, on April 3, 2017, The Seattle Times reported. –Daily Mail