Howard Schultz, architect of modern Starbucks, to step down

The executive chairman of Starbucks, Howard Schultz, will step down from his role starting June 26, according to a memo sent to employees.

Schultz, who is seen as the architect of the modern Starbucks, has overseen the expansion of the company from a single coffee shop that opened in Seattle’s Pike Place Market in 1971. He joined Starbucks in 1982 as director of operations and marketing. Over time he grew it into the iconic brand it is today, with more than 28,000 locations globally.

Some speculate that the executive resigned in order to pursue his political ambitions. He has been a supporter of former President Barack Obama and Hillary Clinton during her bid for president. Some have already questioned whether he would pursue his own presidential run, according to CNBC.

“I’ll be thinking about a range of options for myself, from philanthropy to public service, but I’m a long way from knowing what the future holds,” Schultz said in the memo.

Myron E. Ullman, former chairman and CEO of J.C. Penney, was named chair, while Mellody Hobson, president and director of Chicago-based investment management firm Ariel Investments, will be named vice chair.