Howard Schultz Is Returning As CEO Of Starbucks And His Networth Explored

Starbucks founder Howard Schultz is ready to return as interim CEO after Kevin Johnson’s exit in April. Here’s a glance at his net worth. Big business decisions are being made at Starbucks because the coffee-giant navigates a post-pandemic market in 2022. The company’s current CEO, Kevin Johnson, will step down next month after leading the multinational company for five years. Also he is dealing there for 13 years. He will temporarily get replaced by Howard Schultz.

Howard Schultz’s Net Worth Explored

The 68-year-old businessman and author is approximately worth $4 billion, as per Forbes. He is credited as Starbucks’ founder despite the corporate being founded in 1971 by Jerry Baldwin, Zev Siegl. And Gordon Bowker at Seattle’s Pike Place Market. Back then, Starbucks was merely a coffee berry store. But it became a full-fledged cafe after Schultz bought it within the early 1980s. He decided to show the shop into an espresso-based drinks cafe altogether. The businessman made most of his billion-dollar fortune. It is because of Starbucks. He served because the chief military officer from 1986 to 2000. He returned during the financial crisis of 2007–08. Under Schultz’s leadership, Starbucks became a world brand. It is with over 34,300 stores worldwide in 2022.

The Founder Of Starbucks Returns As Ceo

In a release on Wednesday, March 16, 2022, Starbucks announced their decision to bring back Schultz on an interim basis. The current CEO, Kevin Johnson, will retire on April 4 this year. There is a function a special consultant to the corporate and its board till September.

“To ensure seamless stewardship of the corporate until a permanent successor is called, the Board. It has appointed Howard Schultz as interim chief military officer, effective April 4, 2022,” the statement read. “Schultz also will rejoin the company’s Board of Directors”.

According to Forbes, Starbucks shares are still off 23% in 2022. As a results of ‘higher costs and sluggish sales in China’.

Kevin Johnson’s Net Worth Explored

Wallmine reveals that the present Starbucks CEO’s net worth is approximately $90 million. Kevin reportedly owns over 250,000 units of Starbucks stock. Also he makes $19,242,000 as President, Chief officer, and Director of the brand.