Starbucks Chairman Howard Schultz steps down amid speculation about presidential run

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Schultz, who oversaw the transformation of Starbucks into a global chain with more than 28,000 locations, had left the CEO job at the company past year to focus on innovation and social impact projects.

Asked specifically about a USA presidential run Schultz, said in a New York Times article on Monday: "I intend to think about a range of options, and that could include public service".

"I write to you today enjoying a French Press of my favorite coffee, aged Sumatra, and feeling so many emotions", Schultz wrote in a letter to Starbucks employees.

There has been speculation that Schultz is retiring from Starbucks to attempt a run for the 2020 Democratic presidential nomination.

Schultz came to work at Starbucks in the 1980s in its marketing department.

In his letter, Schultz also credited the company with "balancing profitability and social conscience, compassion and rigor, and love and responsibility".

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This year, Starbucks was named the fifth most admired company in the world by Fortune, marking the 16th year in a row that the company has appeared on the global list.

While speaking with The New York Times this week, he said: 'I want to be truthful with you without creating more speculative headlines.

Schultz added that he has for some time been "deeply concerned about our country - the growing division at home and our standing in the world".

Schultz will also resign from Starbucks' board and will be named chairman emeritus, the company said in a statement. I'm sure nothing will drum up nationwide political interest like the prospect of a coffee billionaire from Seattle running. Starbucks closed 8,000 stores for an afternoon last week to teach employees about racial bias.

More recently, as the company tried to restore its reputation after the arrests of two black men at a coffee shop in Philadelphia, Schultz said he didn't want people to feel "less than" if they were refused bathroom access.

Starbucks said Myron E. "Mike" Ullman would be the new chairman of the board upon Schultz's retirement.

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