Howard Schultz stood down as chief executive of Starbucks for a third time last year, but his exit only went so far. In 2018, the man who built the Seattle coffee business into a global empire had negotiated an agreement to retain an chair emeritus role — for the rest of his life.
The deal lets the 71-year-old attend and observe board meetings, according to Starbucks corporate filings. Other lifetime perks include a badge to access the company’s headquarters and a parking space.
The deal — which can only be modified or waived if both parties agree — is one of several ways Schultz’s connections to the Seattle company endure. His continued influence has become a more pressing issue for management and investors as the challenges facing Starbucks have proliferated this year.