Schultz Family Foundation Announces $1 Million Gift to NMU

Inspired by his recent visit to Northern Michigan University, where he earned a bachelor's degree in communications in 1975, Starbucks chairman emeritus and former CEO Howard Schultz and his wife, Sheri Kersch-Schultz, have announced a $1 million gift to NMU through their Schultz Family Foundation. The funding will support scholarships for first-generation students and Wildcat Athletics initiatives to promote student-athlete success.

Howard was a first-generation student when he enrolled at NMU on a football scholarship. Growing up in a housing project in Brooklyn, N.Y. and witnessing his parents' struggles were meaningful motivators for his career achievements following graduation, and for his family's philanthropic commitment.

The Schultz Family Foundation invests in innovative solutions to create opportunity-accessible to all-so that every young adult, regardless of their upbringing, can realize their full potential.

"Northern Michigan University transformed a young man from humble beginnings into a confident and ambitious entrepreneur," said Howard Schultz, co-founder of the Schultz Family Foundation. "The entire NMU community shaped who I am today and inspired me to create a company and global brand that prioritizes its people. These values were instilled in me throughout my life, particularly during my time at Northern. I hope this gift inspires the next generation to achieve remarkable things while along the way taking care of the people and communities that took care of them."

NMU President Brock Tessman invited a small group of NMU alumni and friends to campus in October to learn more about the university's new strategic plan, Our Compass. During his visit, Schultz hosted a "fireside chat" with students to share his NMU experience, address topics such as leadership and entrepreneurship, and respond to questions.

Schultz also stopped by the Starbucks in Jamrich Hall to meet with employees and customers, and toured residence halls and dining facilities. It was his first time at NMU since 1998, when he received an honorary degree and served as the keynote speaker at spring commencement.

"It was very moving to be with Howard Schultz during his return to campus and to see him connect with NMU students about the challenges and opportunities they face, and reconnect with his own Northern experience," said Tessman. "I am sure that this gift through the Schultz Family Foundation was a direct result of the personal interactions he had on our campus. It will make a significant and positive impact on our first-generation students and student athletes and their opportunity to earn success at Northern and after graduation. I know being able to directly support our students in their achievements deeply pleases both Howard and Sheri."

While addressing students during the fireside chat moderated by Tessman, Schultz summarized the impact of his college experience in Marquette.

From the beginning, Schultz set out to make Starbucks a different kind of company-one that delivers business excellence through a culture of compassion. He led two landmark initiatives rooted in the fundamental belief that a business can only exceed expectations by sharing success with its people and the communities it serves. Starbucks was one of the first in the retail industry to offer comprehensive health coverage for eligible full- and part-time workers. It also offered partners (employees) equity in the company in the form of "Bean Stock."

Starbucks had 11 stores and 100 employees when Schultz acquired it with local investor support in 1987. When he stepped down as both CEO and member of the Board of Directors in 2023, the company operated more than 36,000 stores in more than 80 countries.

ABOUT THE SCHULTZ FAMILY FOUNDATION

The Schultz Family Foundation's mission is to create greater opportunity, accessible to all. Our work is deeply rooted in the lives and values of our co-founders, Sheri and Howard Schultz, who believe talent is everywhere, but opportunity is not. We seek to apply the lessons they have learned over the decades to seed innovations and scale solutions to help young people successfully navigate the transition to adulthood and positively impact the trajectory of their lives. We are investors in unleashing potential and unlocking opportunity, working in partnership with employers, entrepreneurs, non-profits, and governments that share our aspiration of enabling everyone to access the full promise of America. For more information about the Foundation and its work visit: www.schultzfamilyfoundation.org.