Starbucks executive chairman Howard Schultz, who oversaw the growth of the coffee chain into a global powerhouse, has said he is quitting the company after nearly four decades.

Mr Schultz, who retired as chief executive last year, is to relinquish his seat on the board on 26 June.

The move has raised questions about his political ambitions.

In an interview with the New York Times, Mr Schultz did not rule out a run for president.

“One of the things I want to do in my next chapter is to figure out if there is a role I can play in giving back,” he said.

“I’m not exactly sure what that means yet.”

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He added: “I want to be of service to our country, but that doesn’t mean I need to run for public office to accomplish that.”