Longtime Starbucks leader Howard Schultz — who returned to the company as interim CEO on Monday — said his first major action will be suspending their share buyback program and plowing those billions of dollars into the company instead. FOX13
leader Howard Schultz — who returned to the company as interim CEO on Monday — said his first major action will be suspending their share buyback program and plowing those billions of dollars into the company instead.
Starbucks announced late last year that it was committing to a three-year, $20 billion share repurchase and dividend program to return profits to investors. That was on top of a $25 billion share buyback and dividend program the company announced in 2018. It’s not clear how ending the buyback program will impact Schultz himself, since Starbucks has not revealed how many shares he currently owns. At the time he left the company in 2018, he and his family held 34 million shares; that would be worth nearly $3 billion today.Monday’s announcement indicates Schultz is feeling some heat from employees, many of whom have publicly complained about understaffed stores and lagging pay.
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