As Howard Schultz prepares for his final day as executive chairman at Starbucks, it’s hard to understate his impact on the business world. The man who convinced a country to spend $4 or more on a cup of coffee created an industry that rivals have quickly embraced. And created an enviable net worth in the process.
Schultz‘s net worth an estimated $3.2 billion, according to Bloomberg. That doesn’t put him among the world’s 500 richest and is far short of Jeff Bezos’ $138 billion, but Schultz’s net worth is a far cry from the Brooklyn public housing he grew up in.
Schultz’s exit from Starbucks doesn’t mean we’ve heard the last of him, though. Schultz has, in fact, left Starbucks before, in the mid-1980s, amidst disagreements about its expansion plans.
This exit from Starbucks, though, seems more permanent. While Schultz officially has said he wants to spend more time with his family, there’s increased speculation he’s considering a run for political office, perhaps the presidency. (Schultz has always had firmly held political beliefs and has been a frequent critic of Donald Trump’s presidency.)
As for Starbucks, Myron E. Ullman, the former CEO of J.C. Penney, will take over as the company’s chair. At the same time, Mellody Hobson, president of Chicago-based investment firm Ariel Investments, will be moving into a role as Starbucks’s vice chair.