Former Starbuck CEO Howard Shults drinks from a Starbucks Mug, while hearing on Capital Hill in Washington, testifying to the Senate Health, Education, Labor and Pension Committee, hearing on Capital Hill in Washington, hearing on the US, America, March 29, 2023.
Julia Nikhinson | Roots
Las Vegas – East Starbucks CEO Howard Schultz On Wednesday, he said that he had “a cartwheel” in his living room when the current Chief Executive Officer Brian Nicole formulated his “Back to Starbucks” strategy for the first time.
The 71 -year -old Starbucks president Emeritus is an important seal of approval for Nicole as he tries Raise the company’s flying sales And restore the culture of the series.
Shults, who developed Starbucks in a global coffee veterans from a small series, recorded a surprising appearance for the company Leadership experience in Las Vegas And co-composed on Nicole’s plans. The three -day program has gathered more than 14,000 North American store leaders to hear from Starbucks management as the company departs on turnout.
50 -year -old Nicole took over the reins in September, after joining the company after the board, Laxman Narasimhan, Shults’s handpick was dropped. After a rocky start for the year, Starbucks shares have climbed about 20% since the beginning of April. They are now trading at around $ 95.30, where they were closed on August 13, Nikkol was named CEO after jumping around 25%.
Shults returned to his third term as Chief Executive in 2022, but it was only an interim role. He first told CNBC that he had no plans to return again. Shults no longer play a formal role within the company, although CNBC has previously stated that it is Piercing to participate in board meetings forever Until the company’s directors are forbidden.
He was one of the company’s biggest shareholders when Shults stepped from Starbucks’ board in 2023 and played the role of Chairman Emeritus.
During the first week of Nicole on the job, that Plans mentioned for return In an open letter, making a commitment to get “Starbucks back”. There is more information on the fact that the series planned to return to its roots in the coming months, from sitting inside the cafe to writing personal messages on the cup. Under the leadership of Nikkol, the company’s marketing exemption has moved to focus on its coffee instead of publicity.
When Starbucks announced Narasimhan’s firing and Nicole’s hiring, Shults issued a statement of support, stating that the then-Chipotal The CEO was the leader who needs the company. However, the leadership experience is the first time that Nicole and Shults have publicly appeared together.
During the small tenure of Narasimhan as CEO, Shults did not copy words When the company’s performance decreased with its expectations. After a disappointing quarterly income report, he publicly weighed on LinkedIn, saying that the company needs to improve its mobile order and pay experience and overhaul how it creates new drinks to focus on premium items that separate it that separates it.
But Shults said that Starbucks’ problems moved beyond operating issues and beverages and lack of food.
He said on Wednesday, “Culture was not understood. Culture was not given importance. Culture was not retained.”
– Tom Rotuno of CNBC contributed to this report.
Correction: Shults does not need to disclose their holdings in Starbucks. An earlier version denied his position as a shareholder.
