Former Starbucks CEO Howard Schultz, whose vision shaped the coffee giant's growth into a global brand, has departed his longtime home of Seattle for sunny Miami.
Schultz, who served as CEO three separate times at the Seattle-based company, announced the tandem decision with his wife, Sheri, on LinkedIn on Tuesday evening.
For those of you who know us well, we have entered the 'retirement' phase of our lives," Schultz wrote. "And we have moved to Miami for our next adventure together."
The billionaire alluded to the business environment in Washington, where a measure that's been dubbed a "millionaires tax" came closer to final legislative approval on Tuesday, saying: "It is our hope that Washington will remain a place for business and entrepreneurship to thrive, creating essential opportunity for those in Seattle and the surrounding areas."
Schultz helped build Starbucks into the industry fixture it is today after buying the company from founders Jerry Baldwin, Zev Siegl and Gordon Bowker in 1987. He served three stints in leadership roles before finally stepping away from the Starbucks board of directors in 2023.
However, Schultz remains its "lifelong chairman emeritus."
As he tells it online, he first moved to Seattle from New York City with Sheri in 1982. While she worked in design as the family's "breadwinner," he took a job at Starbucks.
"Back then, the Pike Place Starbucks only sold whole bean coffee," Schultz wrote. "Today, it’s the most visited Starbucks in the world."
The Schultz Family Foundation, a nonprofit established in 1996, will continue its operations in Seattle, Schultz confirmed. However, a new leader, Vivek Varma, who has served as the foundation's CEO and vice chair, is at the helm of the organization.
The family's private office will relocate to Miami.
Schultz shelled out around $44 million for a penthouse at the Surf Club, Four Seasons Private Residences in Surfside, Florida, according to The Wall Street Journal.
Surfside is often referred to as "Miami's uptown beach town." It's located in Miami-Dade County, with Miami Beach to its south.
"We will be forever grateful for the memories made in Seattle and the relationships built along the way," Schultz wrote. "To the family, friends and partners who made Seattle our home for so many years, thank you.
This story will be updated.
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