FORTUNE NAMES HOWARD SCHULTZ, STARBUCKS CEO, THE 2011 FORTUNE BUSINESS
PERSON OF THE YEAR
Exclusive FORTUNE Interview With Schultz, Who Discusses for the First Time His Conversation With
President Obama About Jobs and Economy
49 “Business Person of the Year” Runners Up Include Jeff Bezos, John Watson, Reid Hoffman, James
Skinner
(New York, NY, November 17, 2011) - In the new issue, FORTUNE names Starbucks CEO Howard
Schultz the 2011 FORTUNE Business Person of the Year.
See the list here: http://cnnmon.ie/uucW9x
FORTUNE contributor David A. Kaplan writes, “His dynamic union of the public and the private has made
Schultz a signal American CEO—all the more so when government seems so bereft of effective
leadership. That’s why Schultz earns the No. 1 spot on Fortune’s Businessperson of the Year list for
2011..The ubiquitous brand has transcended mere coffee to become a lifestyle emblem. And Schultz has
proved that it wasn’t just Steve Jobs who could come home to a company to save it.”
Kaplan reports that Starbucks’ revenue hit nearly $12 billion for the year that ended on Sept. 30, profits
are $1.7 billion and the stock price reached an “all-time high in early November, up more than five times
from its 10-year low in 2008.” Kaplan writes, “With its 17,000 stores altogether, Starbucks has more than
any food chain other than McDonald’s and Subway.”
IN EXCLUSIVE INTERVIEWS, SCHULTZ TELLS FORTUNE:
President Obama said to him on the phone, “Howard, I’d like to talk to you about a number of things,
including your campaign initiative, as well as your thoughts on the economy and job creation. Let’s have
an honest and straightforward conversation.”
FORTUNE reports they spoke for more than half an hour discussing Schultz’s “concerns for the country,”
the budget problems facing 42 states as well as “the profound crisis of confidence in America.”
Kaplan reports that in the conversation: “Schultz says he went out of his way to let Obama know that his
decision to cut off political cash was not directed at the President specifically, even though Democrats
had received almost all his donations in the past.” Schultz said to President Obama, “I’m much more
concerned about America than the Democratic Party.”
On his political ambitions: “I can do more good at doing good at Starbucks than I ever could in politics.”
On the current political environment: “Business leaders cannot be bystanders. This is how Starbucks and
other companies can use their collective scale to do good for America. If the country were a brand, you’d
be shorting it now.” He later tells FORTUNE, “People don’t feel as if they are going to have access to the
American dream. I can feel it. It’s in the streets, and it’s in the homes, and it’s in the schools.
On corporate responsibility: “To be a benevolent organization, you have to make a lot of profit. But if your
sole goal is to maximize profit, you’re on a collision course with time. We’ve made commitments that have
become accretive to the brand, but it was never by design.”
On the acquisition of Evolution Fresh: “We’re going to make a big bet in health and wellness.”
Read the full profile here: http://bit.ly/sXmUof
Warren Buffett won the readers choice contest for 2011 FORTUNE Business Person of the Year. See
more here: http://cnnmon.ie/uYjGxJ
FORTUNE also lists 49 other runners up for Business Person of the Year including #2-CEO of Amazon,
Jeffrey P. Bezos; #3 - CEO of Chevron, John S. Watson; #4- LinkedIn Founder Reid Hoffman; #5McDonald’s CEO James A. Skinner; #6 – Facebook CEO Mark Zuckerberg; #7 – Kraft CEO Irene
Rosenfeld; #8 – Apple CEO Tim Cook; #9 – Coca-Cola CEO Muhtar Kent; #10 – IBM CEO Samuel
Palmisano.
See FORTUNE’s methodology here: http://cnnmon.ie/uucW9x
Cover image here: http://on.fb.me/tkCeZF
#BizPOY
The December 12, 2011 issue of FORTUNE goes on sale, Monday, November 21, 2010.
Media Contacts: TIME PR HOTLINE, (212) 522-4800
Jen Nedeau (212) 522-0613; Danny Leonard (212) 522-0361