Howard Schultz: Saving Starbucks | The Third Place | 1

Business Movers

Wondery

History, Business, Entrepreneurship

4.8 • 1.5K Ratings

🗓️ 14 October 2021

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

Howard Schultz bought a small Seattle coffee company called Starbucks in 1987. By the time he stepped down as Starbucks’ CEO in 2000, Howard had transformed the six-store operation into the largest coffee brand in the world. But in the late 2000s, Starbucks descended into a financial spiral, and Howard came back to save the company he’d built from the brink of disaster.

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Transcript

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0:00.0	To listen to business movers one week early and add free, join Wondry Plus in the Wondry app.
0:07.0	Download the Wondry app in your Apple or Google Play mobile app store today.
0:25.0	It's February 2007 in the hallways of Starbucks Center.
0:29.0	The historic Seattle Washington building that serves at Starbucks headquarters.
0:33.0	Starbucks chairman Howard Schultz storms down the hall toward the office of Starbucks CEO Jim Donald.
0:40.0	Howard has just come from a local Starbucks store and he's living it.
0:44.0	He barely recognized the coffee shop.
0:47.0	It looked nothing like the Starbucks brand he'd worked for decades to build.
0:51.0	Howard bought Starbucks in 1987.
0:55.0	He led the company to unprecedented growth and success as its chief executive until 2000,
1:00.0	when he stepped away from day-to-day operations and became Starbucks chairman.
1:05.0	Howard has done his best to stay out of Jim Donald's way when it comes to running the company day-to-day.
1:10.0	But after seeing what he saw this morning, Howard has had enough.
1:14.0	He burst since a Jim's office.
1:17.0	Jim?
1:18.0	Sandwiches.
1:19.0	The sandwiches have to go.
1:21.0	What are you talking about Howard?
1:22.0	I just went into one of our stores and all I smelt was burnt cheese.
1:26.0	As CEO Jim Donald has pushed Starbucks beyond selling coffee.
1:31.0	One of the products he's added to the Starbucks menu is hot breakfast sandwiches.
1:35.0	Howard fought the sandwiches from the beginning, but Jim and company leadership are in full support of the new product line.
	...

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