Starbucks founder Howard Schultz takes reins as CEO, suspends buyback
Apr. 04, 2022 3:22 AM ETStarbucks Corporation (SBUX)By: Gaurav Batavia, SA News Editor51 Comments
- Former Starbucks (NASDAQ:SBUX) CEO Howard Schultz will take the reins of the coffee chain for the third time after CEO Kevin Johnson announced his retirement on March 16, 2022.
- Founder Howard Schultz will return as interim CEO until the company completes a search for a new leader. He will also jump back on the Starbucks (NASDAQ:SBUX) board.
- The company to suspend its stock repurchasing program, effectively immediately to invest in Starbucks employees and stores for long-term growth.
- “This decision will allow us to invest more into our people and our stores — the only way to create long-term value for all stakeholders,” Schultz said.
- During Q4 results, the company announced a new commitment of returning $20 billion to shareholders over the next three years through share repurchases and dividends. In Q1, the company repurchased 31.1M common shares; ~17.8M shares remain available for purchase under the current authorization.
- Source: Press Release