Founder and former CEO of the coffee chain Starbucks posted a two-page letter on LinkedIn on Thursday that company is at inflection point.
In April 2022, Schultz, 70, returned as interim CEO until March 2023 after serving as CEO from 1987 to 2000, then from 2008 to 2017.
As part of a planned transition, he stepped down as Starbucks’ chairman emeritus in late 2023.
In the letter titled “The Soul of a Brand,” Schultz wrote that Starbucks is at an “inflection point.” He said this crossroad should not be frightening because many companies face it.
In order to reinvent itself, Schultz said, the company must return to its core values and rediscover its “soul.”
Those organizations that survive – and thrive – in the future will be those that are not just nimble and innovative, but also embrace their core purpose and reason for being.
According to Schultz, not all companies have a “soul,” which he defines as a combination of history, culture, values, and ties.
But Starbucks, whose customers share a love of coffee and community around the world, is one of the few brands that do.
Schultz said Starbucks’ leadership should address systemic issues and return to its core values.
The founder didn’t specify the systemic issues but painted a bleak picture of a world “inflamed by disinformation and hatred, in which people are so disconnected from each other.”
Starbucks’ spokesperson said Schultz brings valuable perspectives to the brand.
According to a first-quarter earnings call, the ongoing conflict has adversely affected traffic and sales in the Middle East.
Schultz has also recently misaligned himself with Gen Z, who make up a significant part of the fast food workforce.
Former Starbucks CEO and founder Howard Schultz has been criticized for his anti-union stance and comments on employee distrust.
Also Read: