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<ul class="summary-list"><li>Former Starbucks CEO Howard Schultz sat down for a three-hour interview on the Acquired podcast.</li><li>He revealed new facts about Starbucks' early days, and warned the business is on a bad path.</li></ul>Starbucks legend Howard Schultz spilled the beans on the company's early days, shared some of his biggest regrets, and warned the coffee chain is on the wrong track in an <a target="_blank" href="https://www.acquired.fm/episodes/starbucks-with-howard-schultz">epic three-hour interview</a> on the Acquired podcast, released this week.Schultz helped pioneer the coffeehouse concept in the US. He served as Starbucks' chairman and CEO from 1986 to 2000 and from 2008 to 2017, and as interim CEO between 2022 and 2023.The business guru also told the stories of how he crossed paths with Bill Gates Sr., Steve Jobs, Costco's cofounders, Coke and Pepsi, and luxury tycoon Bernard Arnault.Here are the 12 best nuggets from the episode, lightly edited for length and clarity. Starbucks declined a request for comment from Business Insider.<h2 id="02da1e59-38d2-44ed-99a5-90fffc214cc3">1. Starbucks didn't sell its own coffee early on</h2>"When Starbucks opened in Pike Place Market in 1971, they were using Peet's Coffee. No one knows that, that's new."Schultz said that before it began roasting its own coffee, the company brought Peet's Coffee from San Francisco to Seattle, repackaged it, and sold it under the Starbucks brand.<h2 id="0f9b2269-d203-4f6e-a1e2-f7da1f5100f6">2. Italian coffee giant Lavazza turned down the chance to invest early</h2>When Schultz was launching his Il Giornale coffee bar concept, he approached two Italian companies for financial backing but they turned him down."I've never told this. One is the espresso company Faema, and one is the large Italian coffee company Lavazza, and I asked them both to invest in my idea and both of them turned me down."Lavazza and Faema, just get that on the record, turned me down. They'll deny it. That's a fact."<h2 id="3aee87c7-1274-463c-9f24-1b487a328693">3. Bill Gates' dad helped Schultz buy Starbucks</h2>When Schultz was raising money to buy Starbucks from its founders in the late 1980s, one of his investors made a cash offer for the company in a bid to cut him out of the deal.Schultz secured a meeting with <a target="_blank" href="https://www.businessinsider.com/bill-gates-sr-father-microsoft-cofounder-bill-gates-dies-2020-9">Bill Gates Sr.</a> through a friend. After the top lawyer and father of the Microsoft cofounder heard his story, he walked him over to the offices of the investor in question, Samuel Stroum, and in Schultz's telling, said:"I don't know what you are planning, but whatever it is, it's not going to happen. Howard Shultz is going to acquire Starbucks Coffee Company, and he's never going to hear from you again."Not only did Gates see off that threat, he also helped finance Schultz's takeover of Starbucks.<div type="image" title="Bill Gates, father, Bill Gates Sr." height="1500" width="3000" msid="110840525" hostid="261" sizebytes="221664"></div><h2 id="c4210ba1-25d1-4e57-be8e-57dbffcd32fe">4. Schultz regrets not snagging the rights to two innovations</h2>When Schultz was sourcing a better coffee cup and lid for Starbucks than the traditional Styrofoam, the Chicago paper company he enlisted struck gold."They found a lid, that beautiful sip lid, which is now ubiquitous in the world. Howard Schultz should have said to them, 'I want an exclusive on that lid,' because that lid became the standard for the world. If I would have just understood that."The other thing I didn't do is we introduced caffè latte to America but we didn't trademark it. We trademarked Frappuccino later on, but we didn't trademark cafe latte. I wasn't thinking; I missed it."<h2 id="b53dc973-3074-4fee-9a8e-58483099df64">5. Partnering with Costco and United Airlines ruffled some feathers</h2>Costco cofounder Jeff Brotman helped finance Schultz's takeover of Starbucks in 1987 and was an early board member, and Brotman and <a target="_blank" href="https://markets.businessinsider.com/news/stocks/costco-hot-dog-combo-price-inflation-charlie-munger-warren-buffett-2022-7">ex-Costco CEO Jim Sinegal</a> were mentors to Schultz, he said.Together the trio made the "huge decision" to sell Starbucks coffee in Costco, which sparked a "revolt inside the halls of Starbucks," Schultz said.The company saw a measurable increase in sales at stores near the Costco in Seattle, as selling beans there boosted brand awareness and store traffic nearby, Schultz said.The former Starbucks CEO faced similar blowback when he agreed to let United Airlines serve his company's coffee."If you thought the Costco revolt was high, you can imagine when I say we have an opportunity with United Airlines. People thought it was absolute blasphemy, don't do that. And again, the exposure and the opportunity to surprise and delight customers in places that they've never had anything close to good coffee."<h2 id="3d89292b-841f-4943-8923-b57504dc4fd1">6. Not a Frappuccino fan</h2>"I'm so smart that I looked at that Frappuccino with disdain. I didn't like the name, I didn't like the beverage, I didn't think it was appropriate for Starbucks. I just saw Starbucks as such a purity with regard to coffee and I was wrong, dead wrong, obviously."<div type="image" title="frappuccino" height="630" width="960" msid="110840519" hostid="261" sizebytes="30966"></div><h2 id="0c341da7-0949-417c-b44a-fe6e34d349ed">7. Coke said no, Pepsi said yes</h2>Schultz approached both Coca-Cola and Pepsi with his idea for a bottled Frappuccino to be sold in grocery stores. The meeting with Coke in Atlanta lasted less than 30 minutes: "They dismissed me, didn't understand what I was trying to do, and didn't give me much time to even explain it."In contrast, Schultz met with Pepsi's CEO and other top executives in New York and "on a napkin, I swear, shook hands and created a multibillion-dollar business for Pepsi and Starbucks."<h2 id="d581814b-716c-44c3-9776-b1dda35b9e92">8. Steve Jobs' frank advice</h2>Schultz recalled that Starbucks was having challenges at one point, so he took a walk with <a target="_blank" href="https://www.businessinsider.com/steve-jobs">Steve Jobs</a> at Apple's campus in California."I just told him all my problems, everything that was going on, and he stopped me and he said, 'This is what you need to do.' He just looked at me and he said, 'You go back to Seattle and you fire everyone on your leadership team.'"I thought he was joking. I said, 'What do you mean fire, what are you talking about fire everybody?' He said, 'I just told you, f'ing fire all those people.' He was like screaming at me in my face: 'Fire all those people, that's what I would do.' I said, 'Steve, I can't fire all those people, who's going to do the work?'"He said, 'I promise you, in six months, maybe nine, they'll all be gone.' He was right; except for one, the general counsel, they were all gone."<div type="image" title="Steve Jobs" height="1500" width="3000" msid="110840515" hostid="261" sizebytes="362462"></div><h2 id="ce50e05f-c385-462e-80e5-1a9b9d158f7b">9. Mobile app dangers</h2>"It is the biggest Achilles' heel for Starbucks and there's not even a close second," Schultz said about the Starbucks app that allows customers to order on their smartphones.Schultz <a target="_blank" href="https://www.businessinsider.com/starbucks-howard-schultz-fix-stores-app-customer-experience-baristas-sales-2024-5">explained</a> the app can erode the sense of community and a shared "third place" that he sees as fundamental to a Starbucks store. It can also overwhelm workers with orders which can lead to delays, confusion, and customer anxiety, he noted."My view is we should not succumb to the mobile app," Schultz said, saying that he would have restricted its availability early on to test its impact instead of making it available 24/7."We're not a beverage company serving coffee, we are a coffee company serving people. We need to be much more coffee forward and we cannot continue to allow the mobile app to be a runaway train that is going to consistently dilute the integrity of the experience of Starbucks."<h2 id="bd949a20-f658-4b9e-af1f-dc0546222fcc">10. Coffee in Italy</h2>"I know I'm gonna be chastised for what I'm about to say, but it's true. By and large, coffee in Italy is not as good as it once was," Schultz said. "I'm going to be killed for that, but that's my truth."Schultz also discussed how Starbucks only entered the home of espresso when it was truly ready to shine."I knew the knives would be out in ways that we couldn't even possibly imagine given the history and the cultural relevance of espresso and the coffee bar, and so we waited and waited and waited."His strategy was to first open one of Starbucks' <a target="_blank" href="https://www.businessinsider.com/starbucks-in-milan-italy-opens-look-inside-2018-9">marquee locations</a>, The Roastery, in Milan. He decided the empty post office building was the perfect venue, and upon discovering Blackstone owned it, he was able to strike a deal with the private equity titan.Schultz also revealed the No. 1 beverage for Starbucks across its 30 stores in Italy is espresso, suggesting locals have embraced the brand.<h2 id="cb941c5d-4ea0-4372-b0b9-b9fbbfb5411d">11. Showing the Arnaults around</h2>Schultz recalled giving a tour of the Roastery in Seattle to one of the world's top business figures, LVMH CEO <a target="_blank" href="https://www.businessinsider.com/who-is-bernard-arnault-owner-louis-vuitton-lvmh-net-worth">Bernard Arnault</a>, and his son Alexandre, a top executive at Tiffany's."His level of curiosity was very high," Schultz said about the man behind Louis Vuitton and a luxury empire. "I remember, he kept looking at the leather railing and stitching and I just said, 'You're spending a lot of time on the leather.'"<div type="image" title="Alexandre Arnault Bernard Arnault" height="1758" width="3516" msid="110840530" hostid="261" sizebytes="251200"></div><h2 id="3cae0ebd-8dce-4613-9ce6-14acf1ce4a7c">12. Starbucks is on a bad path</h2>Schultz <a target="_blank" href="https://www.businessinsider.com/starbucks-founder-wants-it-to-do-some-soul-searching-2024-3">warned</a> the company he built is at risk of becoming arrogant, complacent, and conservative."The worst thing that could happen to a company is believing that you are incapable of doing anything but succeeding, and you deserve the success. But if you start playing defense and don't have the offensive mind, it won't go well. And I think over time, that has happened at Starbucks."Schultz criticized the company for not investing enough when he wasn't in charge, and for using stock buybacks to raise earnings per share."The company has not executed the way that I think it should have. I go into the stores, I know the company, and I think we're not at our best right now."If the company is doing a drift toward mediocrity," he said, "I hold leadership and the board responsible for that."

Starbucks' Howard Schultz talks Steve Jobs screaming at him and wishing he'd trademarked the latte in a new podcast

<div class="image-container float_right" style="width:480px"><div class="image">Reuters/ Jack Cusano</div></div>Hedge fund manager <keyword id="1150206" type="PERSON" weightage="60" keywordseo="Bill-Ackman">Bill Ackman</keyword>, who runs Pershing Square, fired back at Starbucks Howard Schultz after the CEO ripped into the activist investor for leaking letters to JCPenney's board in the media. 
According to Bloomberg News, he says that Schultz "doesn't understand JCPenney facts." 
Those are comments that Ackman made to Charlie Rose, according to Bloomberg News.
Ackman will be on Charlie Rose tonight at 11 p.m. ET on PBS. 
<a href="http://www.businessinsider.com/howard-shultz-rips-into-ackman-2013-8">Shultz recently told CNBC's Maria Bartiromo that Ackman</a> had ruined the lives of thousands of JCPenney employees. 
"Bill Ackman was the primary engineer and architect of recruiting Ron Johnson to the company and he and Ron Johnson co-authored the strategy that fractured the company and ruined the lives of thousands of JCPenney employees and fractured shareholder value," Schultz said in the CNBC interview. 
Last week, Ackman fired off two letters to JCPenney's board demanding that they replace interim CEO Mike Ullman within 30 to 45 days. He also sent a letter saying he had lost confidence in chairman Tom Engibous and asked that he resign, too. 
Ackman, who remains JCPenney's top shareholder,<a href="http://www.businessinsider.com/bill-ackman-resigns-from-jc-penney-board-2013-8"> stepped down from the board this morning. </a>
<a href="http://www.businessinsider.com/bill-ackman-resigns-from-jc-penney-board-2013-8"></a>According to Bloomberg, Ackman called JCPenney a disappointment during his Charlie Rose interview. 
He also said that he's disappointed in <keyword id="700504" type="PERSON" weightage="60" keywordseo="Dan-Loeb">Dan Loeb</keyword>'s Herbalife trade.
Weeks after Ackman publicly revealed that he's shorting more than $1 billion worth of Herbalife, Loeb, who used to be Ackman's friend, snapped up a sizeable long position. He exited that stake in the second quarter for a nice profit. 
We'll be tuning in tonight to see Ackman's interview.

Bill Ackman Counterblasts Starbucks CEO Howard Schultz

<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div><ul class="summary-list"><li>Former Starbucks CEO Howard Schultz repeatedly asked his audience to clap during a policy speech on Thursday at Purdue University.&#xa0;&#xa0;</li><li>Twitter critics were quick to compare the move to <a href="https://www.youtube.com/watch?v=OUXvrWeQU0g">Jeb Bush's infamous "please clap" moment</a> during the 2016 presidential campaign.</li><li>Schultz, a self-described "centrist independent," has premised his possible presidential bid on the idea that Americans want "common sense," moderate policy solutions.</li><li>Schultz offered vague policy ideas during the speech, but didn't unveil any detailed proposals.&#xa0;</li></ul>Former Starbucks chief executive Howard Schultz repeatedly asked his audience to clap during a policy speech on Thursday at Purdue University.&#xa0;In what Schultz's team billed as a "major policy speech" to promote his <a href="https://www.businessinsider.com/howard-schultz-wants-to-run-for-president-2020-why-2019-2">potential independent presidential bid</a>, Schultz laid out a few vague proposals to reduce the national debt, lower the cost of healthcare, and restore order in Washington.&#xa0;The first request for applause from Schultz came after he mentioned that student tuition at Perdue will be lower in 2020 than it was in 2012. When the audience didn't react, Schultz added: "You gotta clap for that."Read more: <a href="https://www.businessinsider.com/democrats-threaten-starbucks-boycott-howard-schultz-campaign-2019-1">Democrats are begging Howard Schultz not to run for office - and threatening a Starbucks boycott if he does</a>Later in his speech, Schultz slammed President Donald Trump for refusing to release his tax returns during the 2016 presidential election. Schultz insisted - as have nearly all Democrats - that every presidential candidate should make their tax returns public.The line garnered some applause.&#xa0;Schultz went on, "And if I choose to run, I will absolutely release my tax returns."After a beat, Schultz added, "You can clap for that."&#xa0;Twitter critics were quick to compare the move to <a href="https://www.youtube.com/watch?v=OUXvrWeQU0g">Jeb Bush's famous "please clap" moment</a> during his 2016 presidential campaign.&#xa0;&#xa0;Schultz has premised his possible centrist candidacy on the idea that America needs an independent to find "common sense," moderate solutions that both Republicans and Democrats can agree on. He's harshly attacked Trump as well as many prominent Democrats, including Sens. Elizabeth Warren and Kamala Harris, both 2020 candidates."Given the choice between [Trump] and a far-left Democrat, Donald Trump would win reelection," Schultz said on Thursday.During his roughly 15-minute speech, Schultz argued that the country's most pressing problems "aren't being solved" because "it's not in the interest of the far-left and the far-right extremes."&#xa0;Schultz said neither the Republican Party's calls to repeal Obamacare nor left-wing demands for Medicare for All are "viable." He also pointed to the failure of both major parties to address what he says are the causes of ever-growing health costs."The truth is that healthcare costs are the biggest driver of unaffordable care," he said. "Yet neither side has developed, let alone offered, a credible plan to reduce costs by increasing competition. Or requiring more transparency on prices from hospitals and drug companies. Or investing in preventive care."&#xa0;Besides these broad suggestions, Schultz offered no concrete healthcare policy ideas.&#xa0;While Schultz has received significant media attention, there doesn't appear to be much early public support for his potential run.A survey from data science firm Optimus, released on Thursday, found that of those familiar with Schultz, 18% have a favorable opinion, <a href="https://0ptimus.com/2020-general-election-survey-memo/">while 40% have an unfavorable opinion.</a> The poll also <a href="https://www.bloomberg.com/news/articles/2019-02-07/schultz-s-independent-bid-in-2020-would-help-trump-poll-finds">found</a> that Schultz's independent bid would siphon off enough Democratic voters to boost Trump's chances of reelection.&#xa0;&#xa0;And a recent <a href="https://medium.com/@ChngRsrch/presidential-polling-on-howard-schultz-for-president-db970ad2b42d">Change Research poll</a> found even more dismal results: 40% of respondents said they viewed Schultz unfavorably, while just 4% said they viewed him favorably.<div></div><div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/donald-trump-marriage-three-times-ivana-melania-marla-maples-divorce-2016-2">Meet the three women who married Donald Trump</a></h3> <div> </div> </div>

'You gotta clap for that': Howard Schultz slams 'far-left' and 'far-right' in policy speech without much substance

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul class="summary-list"><li>Former Starbucks CEO Howard Schultz says that Donald Trump might win again if he runs against Alexandria Ocasio-Cortez, Elizabeth Warren, or Bernie Sanders.</li><li>That's because "the vast majority of Americans are not going to embrace socialism," he said during a keynote presentation at SXSW on Saturday.</li><li>He added that it appears to him that the Democratic Party has decided that the way to beat Donald Trump is socialism.</li></ul>AUSTIN, TEXAS - Former Starbucks CEO Howard Schultz warned that the chances of Donald Trump getting re-elected were very real.That could be a possibility if he ended up running against someone like Alexandria Ocasio-Cortez, Elizabeth Warren, Bernie Sanders, "or one of those types" on the Democratic side, he said. "The vast majority of Americans are not going to embrace socialism," he said during a keynote presentation at SXSW on Saturday, adding that it appeared to him that the Democratic Party had decided that the way to beat Donald Trump was socialism."I have a right to disagree with what they're [The Democrats] proposing," he said. "A free enterprise system is core to our democracy" and to start moving toward socialism is against that principle.Shultz added that the "litmus test" of the fact that the Democrats had veered too far in the direction of socialism was the fact that even former New York City mayor Michael Bloomberg was considering running as an independent.Schultz also slammed the critics questioning his move to run for President, saying that he wasn't going to let the "pundits" and "cynics" tell him what's possible and what's not."How many entrepreneurs in this room have been told your dream isn't going to come true?" he asked, prompting a round of applause from the audience. He said that while building Starbucks into a successful business may not a proxy for running the country, it was a proxy for the leadership that he would bring to the table.When asked to define socialism by a member of the audience, he said "Just look at Venezuela.""We don't want a government takeover of our lives, we want the freedom to pursue happiness in America," he said.

Former Starbucks CEO Howard Schultz warned at SXSW that Donald Trump might win again if he competes with a progressive candidate like Bernie Sanders

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Mario Tama/Getty ImagesFormer Starbucks chairman and CEO Howard Schultz.</div></div></div><ul class="summary-list"><li>Howard Schultz, Starbucks' former CEO and a possible independent candidate for the 2020 US presidential election, announced he wouldn't run "if the math doesn't tally up" in three to four months.</li><li>But Schultz declined to address whether he would exit the race later in the process.</li><li>Schultz has been criticized by <a href="https://www.nbcnews.com/politics/2020-election/democrats-urge-ex-starbucks-ceo-howard-schultz-ditch-presidential-bid-n963416">some Democrats</a>, who say that an independent run from Schultz would help reelect President Donald Trump would be reelected.</li><li>"Why can't I raise my voice and say, 'I'm deeply concerned about where we are as a country,'" Shultz said during a CNN-sponsored town hall in Houston, Texas, on Tuesday.</li></ul>Howard Schultz, Starbucks' former CEO and a potential independent candidate for the 2020 US presidential election, announced that in the coming months he would not run "if the math doesn't tally up."However, he declined to address whether he would drop out later on in the race."The issue of being a spoiler - how can you spoil a system that is already broken," Schultz said during a CNN-sponsored town hall in Houston, Texas, on Tuesday. "It's just not working. It's not the right word.""Why can't I raise my voice and say, 'I'm deeply concerned about where we are as a country,'" he added.Schultz, who described himself as the "better choice" as an independent candidate, tapped into what he characterized as a deep disconnect between Washington, DC and the rest of America."The majority of Americans who are not on the extreme left and the extreme right feel as if they are not being represented," Schultz said. "When I look at the situation I have a strong belief that it's time to disrupt the two party system that is broken, that is based on revenge <keyword id="6358883" type="UNKNOWN" weightage="100" keywordseo="politics">politics</keyword>."A potential Schultz campaign has been <a href="https://www.nbcnews.com/politics/2020-election/democrats-urge-ex-starbucks-ceo-howard-schultz-ditch-presidential-bid-n963416">criticized by some Democrats</a>, who worry his candidacy could lead to the reelection of President Donald Trump. Schultz has <a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=39&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwixnd6_7LfgAhUCG3wKHQcTD3sQFjAmegQIAxAB&amp;url=https%3A%2F%2Fwww.cnbc.com%2F2019%2F01%2F28%2Ftrump-former-starbucks-ceo-howard-schultz-doesnt-have-the-guts-to-run-for-president.html&amp;usg=AOvVaw0IEuGFYD8YR2GeRQHUcApt" target="_blank" rel="noopener">feuded</a> with Trump following his announcement and reiterated to the town hall audience that he was not in opposition to the Democratic party.Read more: <a href="https://www.businessinsider.com/howard-schultz-wants-to-run-for-president-2020-why-2019-2" target="_blank" rel="noopener">Insiders reveal why Starbucks' former CEO Howard Schultz is willing to ruin his life to run for president</a>"And I'm here not saying I'm against the Democratic party," Schultz said. "I'm here saying I no longer recognize how far left they've gone. I just don't see myself in the party.""And I believe that the majority of Americans feel like I do: the far right and the far left does not represent them and they're looking for a home," he added.Asked by CNN moderator Poppy Harlow if there was "any world" in which he runs as a Democrat, he gave a terse response: "No.""I didn't have to think about that," Schultz said. "I have nothing against the Democratic Party. I don't feel represented."Harlow pressed Schultz by asking if he considered dropping out of the presidential race if he appeared to be siphoning votes from the Democratic nominee in the fall of 2020, towards election day. Schultz demurred and only provided his immediate plans."If the math doesn't tally up when I get to the next three or four months ... I will not run for president," Schultz said. "Because I will not do anything whatsoever to re-elect Donald Trump. No one wants to see him fired more than me."Schultz has been likened to former third-party candidates Ralph Nader in 2000 and Ross Perot in 1992. Nader and the Green Party have been <a href="https://www.realclearpolitics.com/articles/2016/05/31/nader_elected_bush_why_we_shouldnt_forget_130715.html">accused</a> of diverting votes from Democratic candidate and former Vice President Al Gore in his race against Republican nominee George W. Bush, who was elected president.Perot, a billionaire from Texas and an independent candidate, was also <a href="http://bancroft.berkeley.edu/ROHO/projects/debt/1992presidentialelection.html">accused</a> of taking votes from incumbent President George H.W. Bush with 18.9% of the popular vote. Clinton was elected president with 43% of the popular vote compared to Bush's 37.5%. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/donald-trump-wwe-vince-mcmahon-relationship-2016-12">Donald Trump's connection with Vince McMahon and WWE spans decades</a></h3> <div> </div> </div>

'I will not do anything whatsoever to re-elect Donald Trump': Starbucks' former CEO Howard Schultz says he won't run for president 'if the math doesn't tally up' in the near-term

<div class="image-container float_right" style="width:480px"><div class="image">REUTERS/Alfred Cheng Jin ALF/mk</div></div><keyword id="6377922" type="CITY" weightage="60" keywordseo="Starbucks">Starbucks</keyword> CEO Howard Shultz ripped into <keyword id="1150206" type="PERSON" weightage="60" keywordseo="Bill-Ackman">Bill Ackman</keyword> over the activist investor's aggressive letters to <keyword id="1402916" type="COMPANY" weightage="60" keywordseo="JCPenney">JCPenney</keyword>'s board <a href="http://video.cnbc.com/gallery/?play=1&amp;video=3000189582">on CNBC's "The Closing Bell" with Maria Bartiromo</a>.
Ackman's letters are calling for a new CEO within the next 30 to 45 to replace interim CEO Mike Ullman, who returned after Ron Johnson stepped down.
He also wants the board's chairman Tom Engibous replaced with Allen Questrom. 
Here's what we've transcribed part of Shultz's interview with CNBC's Maria Bartiromo: 
"...I think what we've all witnessed, though, the last 24 hours, is such a despicable act. Something so irresponsible that a board member of an existing public company would release and leak an email without sharing it with the board or the CEO is beyond comprehension. But the story is worst than that. Here's the situation and this is the truth. This is not fiction. Bill Ackman was the primary engineer and architect of recruiting Ron Johnson to the company and he and Ron Johnson co-authored the strategy that fractured the company and ruined the lives of thousands of JCPenney employees and fractured shareholder value. 
"My problem is...Mike Ullman graciously came back to change the company and worked tirelessly and given the time and support from the board. i'm very confident he will do just that. And there's one other thing. Bill Ackman released an email today that said that Mike Ullman is not communicating with him and the board. When Mike decided to come back, I shared with him verbatim all the things that I did during the transformation with Starbucks and he used many of those communication tactics, including emailing and communicating with board weekly as well as with employees. So this is a tragic example of an irresponsible, despicable act. This isn't about Mike Ullman for me it's about financial engineering and people who do thing s for their own benefit and as a result fracture the goodwill, shareholder value and life of hardworking people...I Mike Ullman is a world class CEO and fantastic leader." 
[phone breaks up and rejoins the program]
"...What I was trying to say, Maria, is that Mike Ullman came back really to try and save the company. What's so perverse here is that he's trying to save the company that Bill Ackman has basically done severe damage to and for Ackman to do what he's done in the last 24 hours is not only irresponsible but it's destructive behavior. If I was sitting on that board, I would be asking for Bill Ackman's removal." 
Shultz is not a shareholder in JCPenney and he has never met Ackman. 
Ackman is the largest shareholder in JCPenney with a nearly 18% stake. Since September 28, 2010, the date of his initial <a href="http://www.sec.gov/Archives/edgar/data/1166126/000095012310092199/y04041sc13d.htm">13D regulatory filing</a> on JCPenney, <a href="http://finance.yahoo.com/echarts?s=JCP+Interactive#symbol=jcp;range=20100928,20130808;compare=;indicator=;charttype=area;crosshair=on;ohlcvalues=0;logscale=off;source=undefined;">shares of the retailer have tumbled more than 47%.</a>
<a href="http://finance.yahoo.com/echarts?s=JCP+Interactive#symbol=jcp;range=20100928,20130808;compare=;indicator=;charttype=area;crosshair=on;ohlcvalues=0;logscale=off;source=undefined;"></a>Watch the full video below:

STARBUCKS CEO: Bill Ackman 'Ruined The Lives Of Thousands Of JCPenney Employees'

Global coffee chain <keyword id="6377922" type="General" weightage="100" keywordseo="starbucks" source="Orion">Starbucks</keyword> has named Indian-born <keyword id="346304" type="General" weightage="50" keywordseo="laxman-narasimhan" source="Orion">Laxman Narasimhan</keyword> its next CEO. <keyword id="18378" type="General" weightage="80" keywordseo="narasimhan" source="Orion">Narasimhan</keyword>, who currently heads health and hygiene company Reckitt, will join Starbucks in October and take over from its iconic interim CEO Howard Shultz in April. Narasimhan joins the growing ranks of Indian-descent CEOs heading leading US corporate giants such as Satya Nadella of Microsoft, <keyword id="164502" type="General" weightage="50" keywordseo="sundar-pichai" source="Orion">Sundar Pichai</keyword> of Alphabet, Shantanu Narayen of Adobe, Punit Renjen of Deloitte and Raj Subramaniam of FedEx. Major former Desi CEOs include Indra Nooyi of PepsiCo and Ajay Banga of Mastercard. The incoming <keyword id="946689" type="General" weightage="50" keywordseo="starbuck" source="Orion">Starbuck</keyword> CEO studied mechanical engineering at the University of Pune and then he headed west, picking up Masters in German and International Studies from The Lauder Institute at The University of Pennsylvania and an MBA in Finance from The Wharton School of The University of Pennsylvania. "Starbucks commitment to uplift humanity through connection and compassion has long distinguished the company, building an unrivaled, globally admired brand that has transformed the way we connect over coffee. I am humbled to be joining this iconic company at such a pivotal time, as the reinvention and investments in the partner and customer experiences position us to meet the changing demands we face today and set us up for an even stronger future," said Narasimhan, adding, "I look forward to working closely with Howard, the Board, and the entire leadership team -- and to listening and learning from Starbucks partners -- as we collectively build on this work to lead the company into its next chapter of growth and impact." He will relocate to Seattle, Washington, from London and will work closely with Shultz before taking over formally in April. "Laxman is an inspiring leader. His deep, hands-on experience driving strategic transformations at global consumer-facing businesses makes him the ideal choice to accelerate Starbucks growth and capture the opportunities ahead of us. His understanding of our culture and values, coupled with his expertise as a brand builder, innovation champion, and operational leader will be true differentiators as we position Starbucks for the next 50 years, generating value for all our stakeholders," said Shultz. Shultz's handpicked successor Kevin Johnson retired in April after five years and Shultz returned to take back control of the company as interim CEO and a search got underway for a long-term head, which ended with Narasimhan being announced on Thursday. Shultz will remain a member of the Starbucks board, the company said and he will "remain closely involved with the company's reinvention and act as an ongoing advisor to Narasimhan". Narasimhan previously worked with PepsiCo, including as global Chief Commercial Officer, as a senior partner at McKinsey &amp; Company, before that. At McKinsey he had been focused on its consumer, retail and technology practices in the US, Asia and India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/sbi-ecowrap-revises-fy23-annual-gdp-growth-rate-projection-to-6-8/articleshow/93939151.cms">SBI Ecowrap revises FY23 annual GDP growth rate projection to 6.8%</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/explained-what-is-india-volatility-index-or-vix-and-why-is-it-important-now/articleshow/93935633.cms">Explained: What is India Volatility Index or VIX, and why is it important now?</a>

Laxman Narasimhan named as the CEO of coffee chain Starbucks

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Starbucks will start delivering food and beverages in select markets next year.
"Imagine the ability to create a standing order that Starbucks delivered hot or iced to your desk daily - that's our version of ecommerce on steroids," Starbucks CEO Howard Shultz <a href="http://seekingalpha.com/article/2621935-starbucks-sbux-ceo-howard-schultz-on-q4-2014-results-earnings-call-transcript">said Thursday</a> on an earnings call with analysts.
Members of Starbucks' loyalty program will be able to request delivery through Starbucks' new mobile order and pay app, which is launching next month in Portland and will be rolled out nationwide next year. 
The delivery service will launch in the second half of 2015. 
Shultz said the company is launching the new app and delivery service because customers are demanding more convenience.
"What's actually occurring is the cultural shift in time allocation away from <keyword id="6354851" type="ORGANIZATION" weightage="100" keywordseo="Retail">retail</keyword> experiences people have felt forced to undertake and towards retail experiences that people want to enjoy with convenience as the key enabler," Shultz said. "Now what you're going to see in the years ahead will be a rapid acceleration in mobile device purchases and a continued significant migration away from bricks-and-mortar commerce. There is obviously a huge prize there and that's why we're seeing so much activity around the payment space from all kinds of companies."

Starbucks Will Start Delivering Coffee And Food

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Mike Segar/ReutersSupporters of U.S. President-elect Donald Trump attend a USA Thank You Tour event at U.S. Bank Arena in Cincinnati, Ohio, U.S., December 1, 2016.</div></div></div>Here is what you need to know. <a href="http://www.businessinsider.com/us-jobs-report-preview-november-2016-2016-12">It's jobs day in America</a>. Economists forecast that the nonfarm payrolls report will show that the US economy added 180,000 jobs in November, and the unemployment rate held steady at 4.9%. They estimate that average hourly earnings grew by 2.8% year-on-year, matching the post-recession high reached in October. <a href="http://www.businessinsider.com/starbucks-ceo-howard-schultz-steps-down-2016-12">Starbucks CEO Howard Schultz is stepping down next year</a>. Schultz will be appointed executive chairman and focus on Starbucks' higher-end Reserve line and the company's social initiatives. COO Kevin Johnson will assume the CEO position April 3. <a href="http://www.businessinsider.com/trump-marine-general-jim-mattis-defense-secretary-2016-12">President-elect Donald Trump has tapped Marine Gen. James "Mad Dog" Mattis for the role of defense secretary</a>. Mattis will oversee roughly 3 million military and civilian personnel, and will face challenges ranging from ISIS to the ongoing territorial and strategic dispute in the South China Sea.<a href="http://www.reuters.com/article/us-bp-investment-maddog-idUSKBN13Q4ZW">BP approved a $9 billion investment in its Mad Dog project in the Gulf of Mexico</a>. It's the company's first major new platform since the 2010 offshore explosion, Reuters reported, and is a bet that BP can compete with on-shore rivals.<a href="http://www.businessinsider.com/twitter-hires-new-vp-of-product-keith-coleman-and-yes-inc-team-2016-12">Twitter bought a small, little-known startup to get a new chief of product</a>. The company has finally found a replacement for Kevin Weil, who will take on the challenging job of rekindling the service's stalled user growth.<a href="http://www.businessinsider.com/theranos-retires-board-of-counselors-and-adds-to-board-of-directors-2016-12">Theranos is retiring its board of counselors</a>. That means Henry Kissinger and George Shultz are out at the troubled blood-testing company. <a href="http://markets.businessinsider.com/stock/SWHC-Quote">Smith &amp; Wesson plunged 8% after-hours Thursday on light EPS guidance</a>. The gunmaker's shares sank after the election on concern that reduced fears of gun control would slow sales. <a href="http://www.reuters.com/article/us-economy-pmi-idUSKBN13R0UE">Britain's construction sector is back on solid ground after entering a recession in the first half of 2016</a>. IHS Markit's purchasing manager's index came in at 52.8 in November. The pound's plunge after Brexit ramped up costs at the fastest pace in five years. <a href="http://markets.businessinsider.com/indices">European stocks are tumbling ahead of Sunday's vital referendum in Italy</a>. The nation votes on constitutional reforms, and the future of Prime Minister Matteo Renzi. At 6:54 a.m. ET, the FTSE 100 was down 1%. The FTSE Italia A was up by 0.86%, however, and was the only major European index that was green.<a href="http://markets.businessinsider.com/stocks">US stock futures are slightly lower ahead of the jobs report</a>. The Dow closed at a record high Thursday. Bonds are rallying, but Thursday's sell-off left the benchmark 10-year yield near the highest level since mid-2015. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/how-to-cook-scrambled-eggs-anthony-bourdain-2016-11">The best way to cook scrambled eggs - according to Anthony Bourdain</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="psN3hvNzE62N5ruLSbkeV_x0ABLB78lG" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

10 things you need to know before the opening bell

6. Basically Starbucks

Welcome to our new E-Commerce Insider newsletter, a morning email with the top news and analysis on the e-commerce industry, produced by <a href="https://intelligence.businessinsider.com/" target="_blank">BI Intelligence</a>. 
Click <a href="http://e.businessinsider.com/join/ci/biiecommerceform" target="_blank">here</a> to sign up for E-Commerce Insights today, and <a href="http://e.businessinsider.com/join/ci/biiecommerceform" target="_blank">receive it every morning in your inbox</a>. 

ECONOMICS OF E-COMMERCE: Josh Hannah, a general partner at private equity firm Matrix Partners, published an insightful piece about scaling a successful e-commerce business. Hannah focuses on customer acquisition costs, and why it's important for online retailers to reduce the cost of re-acquiring existing customers. "Retail customers are fickle and forgetful. They will find other merchants they like, and even if they continue to like your business, they will forget to come back to shop. That is, unless you create a systematic method of re-engagement with no marginal cost," explained Hannah. 
Online retailers can keep their marketing costs down when trying to re-engage customers by offering loyalty programs, flash sales, or subscriptions for products that consumers typically purchase on a recurring schedule. Entire e-commerce companies have been built around these models (such as BirchBox's subscription business, and Gilt's flash sales). Hannah argues that there is still a lot of room for innovation. (<a href="http://pando.com/2014/03/22/thats-a-nice-little-40m-ecommerce-company-you-have-there-call-me-when-it-scales/">Pando Daily</a>)
KEEPING YOUR TOP CUSTOMERS HAPPY: Related to Josh Hannah's piece about the economics of online retail, retail analytics company RJ Metrics released some new data showing how critical it is to retain top customers. RJ Metrics looked at data from hundreds of online retailers and found that the top 10% of customers spend $163 per order, which is three times more than the remaining 90% of customers spend on average. What's more, the typical online store generates 43% of its revenue from repeat customers. Many retailers focus their efforts on acquiring new customers, but it's important to not forget about keeping loyal customers happy in order to retain their business. (<a href="http://rjmetrics.com/whitepapers/2014-ecommerce-benchmark-report">RJ Metrics</a>) 
STARBUCKS LOOKS TO MOBILE REVENUE: Mobile is becoming increasingly more important to Starbucks's overall business. The company revealed at its annual shareholder meeting that mobile transactions have grown from 10% to 14% of U.S. sales. Starbucks CEO Howard Shultz said the coffee chain's mobile success is due to investments made ahead of the growth curve. The company recently announced two new features for its iPhone app - digital tipping and "shake-to-pay." The company is also planning to test an order-ahead feature this year, allowing customers to place their orders before arriving in-store. (<a href="http://www.mobilecommercedaily.com/starbucks-locks-in-on-streamlined-app-experience-to-grow-mobile-revenue">Mobile Commerce Daily</a>)
ANOTHER REASON WHY MOBILE IS SO IMPORTANT: Mobile shopping might only account for a sliver of total retail sales, but its influence on consumers and where they decide to shop cannot be overlooked. Fifty-five percent of retail marketing e-mails are opened only on tablets and smartphones, according to a new study released by Yes Lifecycle Marketing (a unit of Yesmail Interactive). For comparison, 36% are opened only on PCs and just 9% are opened on both desktop and mobile devices. Because e-mail is a core marketing tactic for so many retailers, it's important that they format their e-mail campaigns so that they are viewed easily on device screens that vary in size. (<a href="http://www.yesmail.com/resources/whitepapers">Yesmail</a>)
WELCOME, E-COMMERCE INSIDERS: This is our new newsletter covering all things e-commerce. Please email <a href="mailto:csmith@businessinsider.com">csmith@businessinsider.com</a> with news and tips. Click <a href="http://e.businessinsider.com/join/ci/biiecommerceform" target="_blank">here</a> to sign up for E-Commerce Insights today, and <a href="http://e.businessinsider.com/join/ci/biiecommerceform" target="_blank">receive it every morning in your inbox</a>. 
VULNERABILITY OF OMNI-CHANNEL RETAILERS: Cross-channel (or, omni-channel) retailers are finding it difficult to deter theft and fraud. In addition to credit card fraud, retailers who allow consumers to buy online but return products in-store without a receipt have "created a perfect fraud culture," said Wal-Mart's Director of Global E-Commerce Investigations Fred Helm. Fraud often plagues new financial opportunities, and so it's important for retailers to mitigate their risks by investing in cyber-security. For example, Helm says that he helps lead a team of data analysts and investigators at Wal-Mart who monitor unusual customer activity. (<a href="http://www.internetretailer.com/2014/03/21/cybercriminals-increase-pressure-omnichannel-retail-chains">Internet Retailer</a>)
WET SEAL RAISES MONEY TO BOLSTER E-COMMERCE EFFORTS: Teen apparel retailer Wet Seal raised $27 million from an institutional investor to shift its focus from offline, to online shopping. "This transaction enhances our capital structure at a time when our industry is challenged by a number of macro issues, most notably mall traffic and teen shopping patterns," said Wet Seal CEO John Goodman. Wet Seal plans to invest heavily this year in its e-commerce business to compensate for declining offline sales. (<a href="http://www.businesswire.com/news/home/20140320006599/en/Wet-Seal-Announces-Private-Placement-27-Million#.UzAUQD5GWCE">Business Wire</a>)
Here's what else BI Intelligence subscribers are reading …
<a href="https://intelligence.businessinsider.com/mobiles-share-of-paid-search-clicks-is-growing-and-conversion-rates-are-up-2014-3">Mobile's Driving More Paid Search Clicks And Conversions</a>
<a href="https://intelligence.businessinsider.com/online-us-retailers-saw-larger-order-values-and-higher-conversion-rates-in-2013-2014-3">Online US Retailers Saw Larger Order Values And Higher Conversion Rates In 2013</a>
<a href="https://intelligence.businessinsider.com/global-remittance-fees-remain-high-but-that-could-be-about-to-change-2014-3">Global Remittance Fees Are Beginning To Come Down</a>
<a href="https://intelligence.businessinsider.com/telco-tv-achieves-big-subscriber-gains-in-2013-despite-subscribers-growing-intent-to-cut-service-2014-3">Telco TV Achieves Big Subscriber Gains In 2013, Despite Subscribers' Growing Intent To Cut Service</a>
<a href="https://intelligence.businessinsider.com/three-in-four-merchants-plan-to-have-a-mobile-app-for-online-shopping-by-2015-2014-3">Three In Four Merchants Plan To Have A Mobile Shopping App By The End Of The Year</a>
<a href="https://intelligence.businessinsider.com/wechat-chinas-messaging-juggernaut-sees-accelerated-growth-2014-3">WeChat, China's Messaging Juggernaut, Sees Accelerated Growth</a>

How Online Retailers Can Reduce The Cost Of Re-Acquiring Existing Customers

<div class="image-container float_right" style="width:480px"><div class="image">REUTERS/Brendan McDermid</div></div>Hedge fund manager <keyword id="1150206" type="PERSON" weightage="60" keywordseo="Bill-Ackman">Bill Ackman</keyword>, the founder of $12 billion <keyword id="1651980" type="COMPANY" weightage="60" keywordseo="Pershing-Square-Capital-Management">Pershing Square Capital Management</keyword> founder, can't stay out of the spotlight.
Ackman's two huge, public bets on <keyword id="1402916" type="COMPANY" weightage="60" keywordseo="JCPenney">JCPenney</keyword> and Herbalife have gone disastrously wrong this year, and, to many, Ackman's behavior seems increasingly desperate and unhinged.
Ackman has been betting on a turnaround at the struggling retailer since 2010 and he's been betting that nutritional product seller Herbalife will fail.
So far, he has lost hundreds of millions of dollars on each of these investments — <a href="http://finance.yahoo.com/blogs/breakout/j-c-penney-why-ackman-tantrum-kill-company-142705478.html">an estimated $600 million</a> on his JCPenney investment and <a href="https://twitter.com/katyawachtel/status/362210533371416576">at least $300 million</a> on his Herbalife short.
To some, his latest behavior--trying to replace the new CEO of JC Penney only four months after Ackman brought him in to repair the damage inflicted by Ackman's last CEO--to accusing a fellow hedge-funder George Soros of criminally ganging up with other investors to attack his Herbalife short--reek of desperation, or worse.
We checked in with a source close to Ackman to get a reaction to this. Our source familiar with Ackman assured us that Ackman is not having some sort of meltdown. 
In fact, our source says, Ackman is "very calm" and was swimming laps on Friday afternoon. What's more, Ackman considers this sort of investing "fun," the source explained.
What is apparently fun for Ackman, however, is rubbing others the wrong way.
Starbucks CEO Howard Shultz, for example, described what Ackman has done to JC Penney as "despicable." And the JC Penney drama is a long way from being done.
Ackman, who is JCPenney's top investor, fired off two public letters to JCPenney's board last week.
His first letter on Thursday demanded that they replace JC Penney's interim CEO Mike Ullman in the next 30 to 45 days. 
Ackman's second letter, on Friday, said that he has lost confidence in <a href="http://www.businessinsider.com/bill-ackman-letter-to-jcpenneys-board-2013-8">the board's chairman Tom Engibous</a> and called for his replacement with retail legend Allen Questrom.
JCPenney responded to Ackman by saying his <a href="http://www.businessinsider.com/jc-penney-opposed-to-ackman-ceo-change-2013-8">"latest actions are disruptive and counterproductive."</a>
There have also been reports that Ackman, the largest shareholder in JCPenney and member of the board, threatened to sell his shares if the board didn't find a new CEO.
Of course, that would be at a big loss for his fund. Since September 28, 2010, the date of his initial <a href="http://www.sec.gov/Archives/edgar/data/1166126/000095012310092199/y04041sc13d.htm">13D regulatory filing</a> on JCPenney, <a href="http://finance.yahoo.com/echarts?s=JCP+Interactive#symbol=jcp;range=20100928,20130808;compare=;indicator=;charttype=area;crosshair=on;ohlcvalues=0;logscale=off;source=undefined;">shares of the retailer have tumbled more than 47%.</a>
According to some retail analysts, the timing of Ackman's letters is incredibly poor, especially since retailers are gearing up for the back-to-school season. 
"He's a media disaster. That's what he is. If there are things going on with the company, the last thing you want to do is air your dirty laundry in public. And when you are trying to attract someone to take over the company, what do you think the board is doing at a crucial time like back to school? Denying these claims," an analyst who wished to remain anonymous, commented. 
The back-to-school work for JCPenney, such as picking out inventory and merchandise, has already happened, though. 
According to Brian Sozzi, Belus Capital's CEO and chief equities strategist, the concern surrounding Ackman's actions would be on the potential impact on the holiday season and the first quarter of next year. 
"What the letter has done, if the news flow from prior weeks didn't already, is knock the first domino over in a chain of events that could impact holidays and the first quarter of 2014. JC Penney owns all its back to school items, correct. But, what it doesn't own is the market price it will get for those goods. If vendors are telling them it will cost more to get them the merchandise it requires to compete during the holidays, JCPenney may look to become especially promotional for back to school. Inventory is a retailer's lifeline to cash daily," Sozzi told us. 
"So while they are out discounting more for back to school, and getting higher invoices for their vendors for future purchases, the stock market will grow concerned regarding the company's liquidity levels and access to additional liquidity. As the stock goes down, vendors get even more nervous, charge higher prices, JC Penney becomes more aggressive with its inventory to raise cash," he added. 
Another analyst felt like Ackman isn't taking responsibility for JCPenney's situation because he was the one who picked the former disastrous CEO Ron Johnson as CEO. Ullman was asked to return to rescue the company after Johnson <a href="http://www.businessinsider.com/ron-johnson-out-at-jcpenney-2013-4">got ousted back in April.</a> 
 "Bottom line—Ackman got his company into this situation by hiring Ron Johnson and he was happy to turn on him. Now he's throwing a tantrum because he wants Ullman out because things are not happening quick enough. The guy has been around for four months. They should be thanking Ullman for stepping in. All these public tantrums, any CEO, good luck getting him in there," an analyst, who wished to remain anonymous, explained. 
Still, Ackman isn't the only large investor who wants to see change in JCPenney's management. Hedge fund manager Richard Perry's firm, which owns a 7.3% stake in JCPenney, also sent a letter on Friday asking the retailer to replace Ullman, <a href="http://www.cnbc.com/id/100952681">CNBC's David Faber reported</a>. 
And then there's Herbalife.
At the beginning of last week, there were shocking <a href="http://www.nypost.com/p/news/business/health_food_fight_JBcKrkNQ9r0VmLZU1tLWaN">reports</a> that Ackman had filed a complaint with the SEC accusing George Soros's Soros Fund Management accusing them of violating securities laws by illegally colluding with other investors and ganging up on him.
Before that news broke, <a href="http://www.cnbc.com/id/100928437">CNBC's Scott Wapner reported</a> that Soros had <a href="http://www.businessinsider.com/george-soros-takes-a-stake-in-herbalife-2013-7">amassed a large long position in Herbalife.</a> Herbalife, a multi-level marketing firm that sells nutrition products, is the stock Ackman is famously short. He's shorting $1 billion worth of Herbalife because he believes the company is a "pyramid scheme." 
"Well this seems to be like a desperation move and the kettle calling the pot black. When Mr. Ackman went short he had a huge public announcement and urged people that the stock was way overvalued. Now there are people buying the stock and it's cutting into his profits, so he's trying to retaliate," <a href="http://video.cnbc.com/gallery/?video=3000188347&amp;play=1">former SEC chairman Harvey Pitt said in an interview with CNBC this week.</a>

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