Howard Schultz is an American entrepreneur and author. He grew up in the CanarsieBayview Houses of the New York City Housing Authority with his siblings, Ronnie and Michael. He was a natural athlete and attended Northern Michigan University on a sports ticket. He earned a bachelor’s degree in communications from the University of Wisconsin-Madison. He began his career with Xerox Corporation as a sales representative and quickly advanced to sales representative. He began his career with Starbucks as Director of Marketing. While on an official visit to Milan, Italy, he noticed that every street was lined with coffee shops that served not only excellent espresso but also served as gathering spots. He desired to introduce the concept to the United States. When the owners of Starbucks declined, he struck out on his own and opened ‘IlGiornale’. Two years later, Schultz acquired the original Starbucks management. He rebranded IlGiornale as Starbucks and aggressively expanded the chain throughout the United States. He also purchased the NBA’s Seattle SuperSonics, but sold the team a few years later to Clayton Bennett. He married interior designer Sheri Kersch. They have two children: Eliahu Jordan, a son, and Addison, a daughter. Schultz has received numerous accolades for his entrepreneurial prowess.
Childhood & Adolescence
Howard Schultz was born on July 19, 1953, to Fred Schultz and Elaine Schultz. Fred Schultz was a former US Army trooper and later a truck driver. He grew up in the New York City Housing Authority’s Canarsie Bayview Houses with his siblings.
His family was impoverished, and sports were his only source of solace. He attended Canarsie High School, where he was a standout athlete. He was admitted to Northern Michigan University on an athletic scholarship.
He was the first member of his family to attend college. He was a member of Tau Kappa Epsilon and earned a bachelor’s degree in communications from Brigham Young University in 1975.
Career of Howard
Schultz graduated and began working for Xerox Corporation as a sales representative. He was quickly promoted to sales representative. In 1979, he was appointed general manager of Hammarplast’s US operations.
In 1981, he paid a visit to Seattle’s Starbucks Coffee Company, a Hammerplast client, curious as to why they had ordered so many plastic cone filters, and was impressed by their knowledge of coffee.
He joined Starbucks in 1982 as Director of Marketing. While on an official visit to Milan, Italy, he noticed that every street was lined with coffee bars that served as meeting spots in addition to espresso.
Upon his return, he convinced Starbucks’ owners to open a pilot café serving espresso beverages in addition to whole bean coffee, leaf teas, and spices. The endeavor was a success.
Starbucks’ owners were averse to entering the restaurant business. Schultz left Starbucks in 1985 to pursue entrepreneurial endeavors. He was in need of $400,000. Jerry Baldwin and Gordon Bowker volunteered their assistance.
He collaborated with Dori Jones Yang on “Pour Your Heart Into It” and Joanne Gordon on “Onward: How Starbucks Fought for Its Life Without Losing Its Soul.”
He resigned as CEO of Starbucks in 2000. He returned to the helm of the company eight years later. He teamed up with French yogurt manufacturer Danone to launch a new Greek yogurt brand.
Schultz owned the NBA’s Seattle SuperSonics from 2001 to 2006. He transferred ownership of the team to Clayton Bennett, chairman of the Professional Basketball Club LLC. Oklahoma City became the home of the SuperSonics. His popularity was dented by the sale.
Schultz was ranked 359th on Forbes magazine’s 2006 “Forbes 400” list of the 400 wealthiest people in the United States. He was ranked 311th on that same list seven years later.
Starbucks had over 17,600 locations worldwide in 39 countries by 2012. Starbucks announced its largest acquisition to date when it announced a $620 million cash payment for Teavana Holdings Inc.
Additionally, in October 2012, the company opened its first location in India. Schultz was ranked 354th wealthiest person in the United States by Forbes magazine, with a $1.5 billion net worth.
Works of Significant Value
Schultz’s first store, ‘IlGiornale,’ opened in 1986. Starbucks’ management decided two years later to concentrate on Peet’s Coffee & Tea and sold its Starbucks retail unit to Schultz for $3.8 million.
Starbucks was renamed Il Giornale by him, and he aggressively expanded it throughout the United States. He was opposed to franchises and retained ownership of the locations.
Distinctions & Honors
Schultz received the Jerusalem Fund of Aish Ha-“Israel Torah’s 50th Anniversary Tribute Award” in 1998 for “playing a critical role in promoting a close alliance between the US and Israel.”
In 1999, he received a “National Leadership Award” for his philanthropic and educational efforts in the fight against AIDS. He was five years later awarded the University of Manitoba’s International Distinguished Entrepreneur Award.
At the University of Notre Dame’s Mendoza College of Business, he accepted the Rev. Theodore M. Hesburgh, C.S.C., Award for Business Ethics and delivered the Frank Cahill Lecture in Business Ethics.
Personal History and Endowment
Schultz married interior designer Sheri Kersch in 1982, four years after they met. Eliahu Jordan is their son, and Addison is their daughter.
Eliahu Jordan Schultz, his son, is a Huffington Post sports writer. Breanna Lind Hawes, whom he married in 2011, is a model and actress.
Estimated Net Worth
Howard Schultz net worth and salary: Howard Schultz is a $4.3 billion dollar American entrepreneur. Howard Schultz was born in Brooklyn, New York, and grew up in a poor family.
He established himself as an outstanding athlete and was later awarded an athletic scholarship to Northern Michigan University.
Trivia
This entrepreneur acquired land south of Viretta Park and developed it into a new home. The neighbors objected, claiming that the driveway gave the impression that the park’s entrance was also the house’s entrance.