Howard Schultz is the executive chairman of Starbucks and a former owner of the Seattle SuperSonics. Born in Brooklyn, New York, Schultz was a member of the Board of Directors at Square, Inc. In 1998, Schultz co-founded Maveron, an investment group, with Dan Levitan. In addition to Starbucks, Schultz is a significant stakeholder in Jamba Juice
Schultz served as Starbucks CEO until his resignation on December 1, 2016, Schultz announced his resignation as CEO of Starbucks, effective April 2017. Currently, he is executive chairman, with Kevin Johnson taking his place as the new CEO.
Howard Schultz Net Worth 2018: $3.1 billion
Howard Schultz, the executive chairman of Starbucks and a former owner of the Seattle SuperSonics, has a reported estimated net worth of $3 billion.
In 2016, Forbes magazine ranked Schultz as the 232nd richest person in the United States, with a net worth of $3.1 billion as of April 2017.
Business Career
In 1979, Schultz became a general manager for Swedish drip coffee maker manufacturer, Hammarplast, where he became responsible for their U.S. operations with a staff of twenty. In 1982, Schultz joined Starbucks as the Director of Marketing.
Schultz decided to leave Starbucks in 1985. In 1986, Schultz raised all the money he needed to open the first store, “Il Giornale”, named after the Milanese newspaper of the same name. In 1988, the original Starbucks management decided to focus on Peet’s Coffee & Tea and sold its Starbucks retail unit to Schultz and Il Giornale for US$3.8 million.
Schultz renamed Il Giornale with the Starbucks name, and aggressively expanded its reach across the United States. On June 26, 1992, Starbucks had its initial public offering.
On January 8, 2008 Schultz returned as CEO of Starbucks after an eight-year hiatus.[16] At this time, Schultz was earning a total compensation of $9,740,471, which included a base salary of $1,190,000, and options granted of $7,786,105.
In 2018, Starbucks has a revenue of $22 billion.
Seattle SuperSonics Career
Schultz is the former owner of the NBA’s Seattle SuperSonics who was criticized for his naïveté and propensity to run the franchise as a business rather than a sports team.
On July 18, 2006, Schultz sold the team to Clay Bennett, chairman of the Professional Basketball Club LLC, an Oklahoma City ownership group, for $350 million.