Let this be a lesson to the business community. Your first duty is to your customers and then to the shareholders.
If you let your politics cloud your judgement, there are consequences. The CEO of Starbucks, who pledged to hire 10,000 refugees is learning this lesson the hard way.
Starbucks CEO Howard Schultz to Step Down in April
Starbucks CEO Howard Schultz will step down from his position at the company within the next month. This decision comes after the company’s pledge to hire 10,000 refugees to protest President Trump’s temporary travel halt.
The Daily Mail reports that Howard Schultz will step down from his position as CEO of Starbucks next month. He will continue as executive chairman of the company. Schultz will be replaced as CEO by Starbucks President and Chief Operating Officer Kevin Johnson, who will assume the position of CEO on April 3rd.
In the announcement of his decision to step down as CEO, Schultz stated that he “will shift his focus to innovation, design, and development of Starbucks Reserve Roasteries around the world, expansion of the Starbucks Reserve retail store format and the company’s social impact initiatives and focus on Starbucks next wave of retail innovation.”..
Schultz’ resignation as CEO follows his recent commitment to hire 10,000 refugees at Starbucks over the next five years as an act of protest against President Trump’s temporary travel halt. Shortly after this announcement, a YouGov survey showed that the public perception of the Starbucks brand was declining.
Too bad he didn’t just stick to selling overpriced coffee.
He probably wouldn’t be stepping down.