Starbucks CEO disputes firm's elitist image

By Matt Andrejczak | Tribune staff reporter
March 24, 2009

SAN FRANCISCO - Despite a number of moves to reposition his coffee-shop chain, Starbucks Chief Executive Howard Schultz said the company is still seen as a symbol of excess in the downtrodden economy. And he's tired of it.

At the company's 18th annual shareholder meeting in Seattle, Schultz told shareholders he aims to knock down the "myth" that Starbucks coffee costs $4 a cup. He also insisted the company is well aware of the effect of lost jobs and foreclosures on its customers.

"We've become the poster child for excess. … We are going to dispel this myth about a $4 cup of coffee," Schultz said near the end of his 70-minute presentation to shareholders. In fact, he said, most of the company's beverages retail for less than $4.

More >>