Last month, Howard Schultz declared that a strategy change was necessary for the massive coffee company. Former Starbucks CEO Howard Schultz remembered the time Steve Jobs, the company’s founder, yelled at him to remove his whole executive team. Most of them vanished six or nine months after that conversation, according to Schultz in a podcast episode titled “Acquired.”
After completing his third term as CEO last year, Schultz recalls strolling about Apple’s campus in 2008 and confiding in Jobs about all of his issues. “He [Jobs] stopped me and said, ‘This is what you need to do… go back to Seattle and you fire everyone on your leadership team,'” Schultz claimed. “I thought he was joking.”
Jobs, though, was not playing around. Schultz actually remembered Jobs yelling in his face.
Jobs informed him that they will all disappear in six, maybe nine months. “With one exception,” Schultz stated. “He was right.” Following Kevin Johnson’s resignation in 2022, Schultz was appointed temporary CEO and took the brunt of the company’s nationwide employee drive toward unionization. But in March 2023, Schultz, who served as CEO from 1986 to 2000 and again from 2008 to 2017, gave the reins to PepsiCo executive Laxman Narasimhan as his permanent replacement, promising not to come back.
In addition to dealing with ongoing unionization attempts across the country, the company is also experiencing “the impact of a more cautious consumer,” according to Narasimhan, who made this statement during a recent earnings call. The business said on May 1st that its net revenue for the quarter decreased by 2% to $8.6 billion. The quarter saw a 4% fall in same-store sales, the first since 2020. Despite his apparent absence, Schultz stated on LinkedIn in May that the company has to restructure its strategy after its profits “significantly” missed investor projections.
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