Starbucks founder Howard Schultz retakes control…

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Longtime Starbucks leader Howard Schultz — who returned to the company as interim CEO on Monday — said his first major action will be suspending Starbucks’ share buyback program and plowing those billions of dollars into the company instead.

“This decision will allow us to invest more profit into our people and our stores — the only way to create long-term value for all stakeholders,” Schultz said in an open letter to employees posted on Starbucks’ website.

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.

www.usnews.com/news/business/articles/2022-04-04/starbucks-halts-stock-buybacks-as-schultz-pivots-to-workers

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