Howard Schultz

By the way, but Jim is a great guy, like a really good person, but it just wasn't the right fit.

By the way, but Jim is a great guy, like a really good person, but it just wasn't the right fit.

And so how long had he been in that role of CEO? I'd say less than three years, two years maybe. But basically the 2008 happens,

And so how long had he been in that role of CEO? I'd say less than three years, two years maybe. But basically the 2008 happens,

So the cataclysmic financial crisis is unfolding, and that plus the cracks that we were experiencing. Board meeting, and I don't think the board meeting was set up for me to return, but it just kind of happened in the meeting about, okay, we got all these problems, what are we going to do? Do you want to come back? Yeah. Yeah, I'm going to come back.

So the cataclysmic financial crisis is unfolding, and that plus the cracks that we were experiencing. Board meeting, and I don't think the board meeting was set up for me to return, but it just kind of happened in the meeting about, okay, we got all these problems, what are we going to do? Do you want to come back? Yeah. Yeah, I'm going to come back.

And that was never your intent. When you stepped away, you thought you were really stepping away.

And that was never your intent. When you stepped away, you thought you were really stepping away.

It was not my intent to come back, and it was certainly not my intent that we were going to run into problems. And so in the Christmas vacation of 2007, I knew I was going to return in January. So I was on holiday, and I was starting to think through what I was going to do. On that holiday, a friend of mine

It was not my intent to come back, and it was certainly not my intent that we were going to run into problems. And so in the Christmas vacation of 2007, I knew I was going to return in January. So I was on holiday, and I was starting to think through what I was going to do. On that holiday, a friend of mine

not i didn't know he was there but it was michael dell was there and i must have talked to him almost every day about the transformation of starbucks and he was going through a similar thing at dell almost at the same time so we had so many things to talk about and we were comparing notes and everything and so in early 2008 i spoke to jim and i came back in 2008

not i didn't know he was there but it was michael dell was there and i must have talked to him almost every day about the transformation of starbucks and he was going through a similar thing at dell almost at the same time so we had so many things to talk about and we were comparing notes and everything and so in early 2008 i spoke to jim and i came back in 2008

And when you came back in 2008, this is the whole crux of your book onward. There's an entire book's worth of material here, so we're not going to do it all. But suffice to say, just to put some numbers on it, the market cap had dropped from $30 billion to less than $7 billion.

And when you came back in 2008, this is the whole crux of your book onward. There's an entire book's worth of material here, so we're not going to do it all. But suffice to say, just to put some numbers on it, the market cap had dropped from $30 billion to less than $7 billion.

Same source sales, the comparables number when you compare the store this quarter last year to this quarter, you know, this year to last year had dropped. Growth began to slow. And so you come in and you have to make these really horrible decisions. You're faced with two terrible options and you've got to make the right decisions for the business.

Same source sales, the comparables number when you compare the store this quarter last year to this quarter, you know, this year to last year had dropped. Growth began to slow. And so you come in and you have to make these really horrible decisions. You're faced with two terrible options and you've got to make the right decisions for the business.

I first of every rock I turned over was worse than I thought. There were a lot of unperforming stores that should have never been opened, that we need to close. I think we closed 1000 stores. And I had a company wide meeting I remember it vividly because I started crying and apologized to everybody that we got to close doors. We got to lay people off.

I first of every rock I turned over was worse than I thought. There were a lot of unperforming stores that should have never been opened, that we need to close. I think we closed 1000 stores. And I had a company wide meeting I remember it vividly because I started crying and apologized to everybody that we got to close doors. We got to lay people off.

And I mean, just think about, you know, we were on our trajectory for all this time. And all of a sudden we not only hit a speed bump, but the world, the music was just stopping. The stock price, I think, broke $6. I was so afraid that we were going to get acquired. But the only cover we had is that the world was coming undone. So no one had any resources. But I was terrified.

And I mean, just think about, you know, we were on our trajectory for all this time. And all of a sudden we not only hit a speed bump, but the world, the music was just stopping. The stock price, I think, broke $6. I was so afraid that we were going to get acquired. But the only cover we had is that the world was coming undone. So no one had any resources. But I was terrified.