Business

Starbucks Chairman Howard Schultz Is Stepping Down

REUTERS/David Ryder

Julia Nista General Assignment Reporter

Starbucks executive chairman Howard Schultz is stepping down as he plans a future of public service.

In a memo sent to Starbucks employees Monday, Schultz said he’ll “be thinking about a range of options for myself, from philanthropy to public service, but I’m a long way from knowing what the future holds.”

Schultz has been with Starbucks from the beginning, overseeing the expansion of the franchise from the original coffee shop in Seattle’s Pike Place Market.

Mallory E. Ullman, the former CEO and chair of J.C. Penny, will take over Schultz’ spot as executive chair of Starbucks.

When confronted with whether or not he will run for president in 2020, Schultz did not deny the possibility.

“I want to be as involved as I possibly can as a citizens to help the country,” Schultz said. “I don’t know what that’s going to mean in the future.” (RELATED: Starbucks Chairman Won’t Rule Out 2020 Challenge To Trump [VIDEO])

Follow Julia Nista on Twitter

Send tips to: jnista@dailycaller.com