Starbucks Founder Schultz Suspends Share Buybacks on Return
- CEO says funds are better spent on stores, employees
- Founder is making his second return as CEO on interim basis
Howard Schultz
Photographer: Alex Wroblewski/BloombergThis article is for subscribers only.
Starbucks Corp. founder Howard Schultz suspended a share-buyback plan to mark the start of his latest spell as chief executive officer, saying the cash could be better spent on stores and staff.
The 68-year-old announced the move in a letter to the coffee chain’s employees, the Seattle-based company said in a statement on Monday. It’s “the only way to create long-term value for all stakeholders,” he said.