Starbucks CEO To Step Down After His Anti-Trump Vow To Hire 10,000 Refugees Backfires
From the Daily Mail:
Howard Schultz, the current CEO of Starbucks, will step down from his role at the giant coffee chain next month.
The move comes after his vow to hire thousands refugees in response to President Donald Trump’s first travel ban appeared to hurt customer sentiment and dent their sales.
Trump supporters have called for a boycott of the chain since January 29, when Schultz vowed to hire 10,000 refugees over five years.
Schultz in a letter to employees said the promise of the American Dream was ‘being called into question’ and that ‘the civility and human rights we have all taken for granted for so long are under attack.’
Immediately Consumer perception levels took a hit as measured by YouGov BrandIndex's Buzz score, falling by two-thirds between January 29 and February 13.
The same company also noted that the data around this boycott is different because both the measures of consumers' sentiment towards companies and their willingness to purchase from those brands are declining.
At the time, analysts at Credit Suisse said the coffee giant's move had a negative impact on recent sales, and could continue to hurt them in the near future.