The daily business briefing: June 5, 2018

Starbucks executive chair Howard Schultz steps down, the Supreme Court sides with baker who turned away gay couple, and more

Starbucks executive chairman Howard Schultz speaks at a shareholder meeting in March.
(Image credit: JASON REDMOND/AFP/Getty Images)

1. Starbucks chair Howard Schultz steps down, fueling 2020 speculation

Starbucks announced in a memo to employees Monday that Howard Schultz would step down as executive chairman effective June 26. Schultz is considered the architect of the ubiquitous coffee chain as Americans know it today. He joined the company as director of operations and marketing in 1982, 11 years after it opened its first store in Seattle, and played a key role in transforming it into a global enterprise with more than 28,000 locations. Some speculated that Schultz, who supported former President Barack Obama and 2016 Democratic presidential nominee Hillary Clinton, could launch a 2020 bid for the White House. "I'll be thinking about a range of options for myself, from philanthropy to public service," he said in the memo, "but I'm a long way from knowing what the future holds."

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.