There aren’t many people who have founded companies and then returned to the top seat after watching the company struggle post-departure. Starbucks (NASDAQ:SBUX) CEO Howard Schultz says the challenge is to stay true to the core principles the company was founded on, but also push for reinvention. He would know – since his return, Starbucks is on the rebound with its stock up more than 350% from its 2008 low, which Schultz blames on a the company having a sense of entitlement after 15 years on what he calls, “a magical carpet ride.”
Today on The Daily Ticker, Yahoo!’s daily finance video show, Aaron Task interviews Howard Schultz, author of the new book “Onward: How Starbucks Fought for Its Life without Losing Its Soul” about reviving the company and steering it through the economic crisis. On the heels of Starbucks’ strongest quarter in the company’s history, Schultz talks about how Starbucks (NASDAQ:SBUX) lost focus on the core customer, the galvanizing moment the company had in the turnaround phase, and the steps that allowed the company to return back to the entrepreneurial days and return the company’s focus back to its customers.