Starbucks halts stock buybacks as Schultz returns


Longtime Starbucks leader Howard Schultz returned to the company as interim CEO Monday. Among his first actions was suspending Starbucks’ $20 million share buyback program to invest more profits in employees and stores.

Starbucks shares fell 5% on the news.

The pivot in strategy comes just three weeks after Starbucks announced that Schultz would be taking over the company’s top role until it finds a permanent CEO.

Schultz could be feeling some heat from a growing unionization effort.

Six of the company’s 9,000 U.S. stores have recently unionized, and at least 170 more have filed to hold union elections.


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