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Photo by Stephen Brashear/Getty Images

Starbucks executive chairman and former CEO Howard Schultz plans to leave the company at the end of this month. Per an interview with The New York Times:

“One of the things I want to do in my next chapter is to figure out if there is a role I can play in giving back. I’m not exactly sure what that means yet.”

Why it matters: Schultz has been regularly floated as a possible Democratic Party challenger to President Trump in 2020. When asked about it earlier this year, he demurred but didn't rule it out.

Schultz stepped down as CEO more than a year ago, with Kevin Johnson taking charge. But there was always speculation that he might resume the job, given that he had done so once before.

This time, however, he is creating a greater separation by also leaving the company's active board of directors, becoming chairman emeritus while Mike Ullman becomes the new chairman.

  • Starbucks stock is down around 1.5% in aftermarket trading.
  • Schultz told the NYT that the company had originally planned to make the resignation announcement last month, but delayed after two black men were arrested inside of a Starbucks while waiting for a friend to arrive.
  • Starbucks statement: "During his four decades as CEO and chairman, Schultz grew Starbucks from 11 stores to more than 28,000 stores in 77 countries. Under Schultz’s leadership, Starbucks has delivered a 21,000% gain in the value of its stock price since its initial public offering in 1992."

Go deeper

Biden plans to ask public to wear masks for first 100 days in office

Joe Biden. Photo: Mark Makela/Gettu Images

President-elect Joe Biden and Vice President-elect Kamala Harris sat down with CNN on Thursday for their first joint interview since the election.

The big picture: In the hour-long segment, the twosome laid out plans for responding to the pandemic, jump-starting the economy and managing the transition of power, among other priorities.

The quick FCC fix that would get more students online

Illustration: Sarah Grillo/Axios

As the pandemic forces students out of school, broadband deployment programs aren't going to move fast enough to help families in immediate need of better internet access. But Democrats at the Federal Communications Commission say the incoming Biden administration could put a dent in that digital divide with one fast policy change.

State of play: An existing FCC program known as E-rate provides up to $4 billion for broadband at schools, but Republican FCC chairman Ajit Pai has resisted modifying the program during the pandemic to provide help connecting students at home.

Dion Rabouin, author of Markets
19 mins ago - Politics & Policy

America's hidden depression

Biden introduces his pick for Treasury secretary, Janet Yellen, on Dec. 1. Photo: Alex Wong/Getty Images

President-elect Biden faces a fragile recovery that could easily fall apart, as the economy remains in worse shape than most people think.

Why it matters: There is a recovery happening. But it's helping some people immensely and others not at all. And it's that second part that poses a massive risk to the Biden-Harris administration's chance of success.

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