Howard Schultz announced Monday that he will no longer serve as the executive chairman of Starbucks.

A memo sent out to employees of the coffee chain confirmed Shultz will leave his position on June 26.

The announcement comes just days after the closure of 8,000 stores for anti-racism training.

Shultz said in the memo: 'I'll be thinking about a range of options for myself, from philanthropy to public service, but I'm a long way from knowing what the future holds.'

The billionaire businessman began working with the company back in 1986 as the CEO, a role he took on for several years before he transitioned to executive chairman in 2017.

Following Schultz's resignation, Starbucks said Myron E. Ullman will take over the role of executive chairman.

Howard Schultz will no longer serve as the executive chairman of Starbucks. Schultz is pictured above as he speaks during an event with the Economic Club of New York in May 2017

Schultz also shockingly announced he is considering running for president in 2020. The Starbucks executive is seen speaking about the Christmas cup controversy during the Starbucks Annual Shareholders Meeting on March 23, 2016 in Seattle, Washington.

In another twist, Democratic Schultz, 64, said he is considering the possibility of a 2020 presidential election run.

While speaking with The New York Times this week, he said: 'I want to be truthful with you without creating more speculative headlines.

'For some time now, I have been deeply concerned about our country - the growing division at home and our standing in the world.'

He added: '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...I’m not exactly sure what that means yet.'

The former Starbucks CEO resigned from the top spot last April to focus on improving innovation and social issues within the company.

Myron Ullman, advisor for the Retail Industry Leaders Association, smiles during the the Federal Reserve Bank of Atlanta & Dallas Technology Conference in Dallas, Texas in May 2018. Ullman will take over Schultz's role as executive chairman

This includes projects like the controversial 'Race Together' campaign that started in 2015, when baristas wrote the phrase on customer cups with the intent of sparking meaningful conversation about race in America.

In April, the popular chain sparked nationwide outrage following the arrest of two black men in Philadelphia.

A store manager phoned 911 after the men entered the shop and attempted to use the restroom without making a purchase.

Schultz told CBS This Morning that he was 'embarrassed' and 'ashamed' over the incident - before he announced that 8,000 stores would be closing for the racial bias training.

'I think what occurred was reprehensible at every single level. I think I take it very personally as everyone in our company does and we're committed to making it right,' Schultz said in the statement.

The executive added the training was 'just the beginning of what we will do to transform the way we do business and educate our people on unconscious bias.'