CHECKOUT COUNTER: Howard Schultz for president?
Starbucks chair Howard Schultz is stepping down after years of rumours of the businessman’s political aspirations
1. Schultz for president?
Starbucks chair Howard Schultz, who long served as the CEO of the chain, is stepping down. Schultz’s departure comes after years of rumours of the businessman’s political aspirations — something he acknowledged in an interview with The New York Times.
In September 2016, the coffee retailing mogul endorsed Hillary Clinton for president — his first time publicly endorsing a candidate.
2. Putting the house in order
House of Fraser, the struggling bastion of the UK’s High Street, is set to close 31 of its 59 stores as part of a rescue deal. The retailer needs approval from 75% of its creditors to go ahead with the rescue.
Creditors will vote on the plan, which involves company voluntary arrangements, on June 22. Market commentators say the chain has lost its relevance and suffers from a lack of investment.
3. P&G plan pays off
Procter & Gamble’s (P&G) shares rose this week this after Trian Partners’ Nelson Peltz indicated his proposal for reorganising the consumer goods company is gaining traction.
Trian’s white paper describes how P&G could improve its business by sorting the company into three autonomous units, developing local brands and increasing external talent. Peltz joined P&G’s board in March after a vigorous proxy fight.
4. Keeping it in the family
Antoine Arnault, one of LVMH chair and CEO Bernard Arnault’s five children and an executive of several brands at the group, will now also oversee communications and image issues at the group.
LVMH, the world’s biggest luxury goods conglomerate, has long been run by the Arnault family.