Starbucks Coffee Company announced Howard Schultz will step down from the Board of Directors effective as part of a planned transition. Schultz previously stepped down as chief executive officer in March of this year. Schultz, who has long encouraged Starbucks partners to ?dream big and then dream bigger,?

transformed Starbucks from a small company selling only whole beans to the renowned third place that it is with more than 36,000 stores in 86 markets around the world. Starbucks went public on June 26,1992. Since then, the stock price has increased on a split adjusted basis to $96.24, as of September 12, 2023, representing an increase of approximately 36,000 % or, including dividends, a total return of approximately 41,000 % on the investment compared to an approximately 1,000 % total return for the S&P 500 over the same period.

Along the way, Schultz focused on creating opportunities for partners such as he never had growing up in the housing projects of Brooklyn, New York. Under his leadership, Starbucks became one of the first employers to offer company stock ownership and health care for full and part-time employees, pathways to higher education by providing upfront tuition coverage through the Starbucks College Achievement Plan, family expansion benefits, and more. Starbucks also announced the election of Wei Zhang to the company?s Board of Directors, effective October 1. Zhang most recently served as senior advisor to Alibaba Group, and formerly led Alibaba Pictures Group as president.

Zhang joins Starbucks board as its ninth director, following the election of Beth Ford, CEO of Land O?Lakes Inc., earlier this year. Zhang spent more than a decade leading Alibaba Group?s international business and media strategy, most recently as senior advisor to Alibaba Group and president of Alibaba Pictures Group. In her earlier role as Alibaba Group?s SVP out of Beijing, she led teams and initiatives to grow the company?s corporate development, corporate strategy and social responsibility.

Zhang has also served in similar leadership roles at News Corp. China and CNBC China, where she led the company?s operations, strategy and business development. Zhang?s background also includes senior positions at Bain & Company and General Electric.

Zhang currently serves on the board for Ralph Lauren Corporation. She is also a past board member of Los Angeles Sports & Entertainment Commission, Amblin Partners and the Jack Ma Foundation, among others. Zhang earned her MBA from Harvard Business School and her bachelor?s degree from Seton Hill University.

In 2019, she was recognized with one of the university?s highest honors, the Distinguished Alumni Leadership Award, presented annually to a Seton graduate for their industry contributions, professional achievements and service to their community. In 2020, Business Insider named her as one of the ?100 People Transforming Business? and in 2019, she was recognized with an ?Entertainment Game Changer Award?

from Asia Society.