Starbucks' CEO Howard Schultz suspends stock buybacks
Shares of the company closed more than 3% lower on Monday
By Shubhangi Mathur
Published - Apr 05, 2022, 01:30 AM ET
Last Updated - Feb 21, 2024, 12:43 PM EST
Starbucks Corp (NYSE: SBUX) announced on Monday it will suspend billions of dollars of stock buybacks, as the former CEO Howard Schultz returns to the company.
Shares of the company closed more than 3% lower on Monday.
Schultz, who is becoming the company’s CEO for the third time, makes it clear from the decision that his focus would be on the employees and customers.
The move comes as Starbucks faces major unionization push from its U.S. baristas as nine of its locations have voted to unionize. More than 170 U.S. locations have filed petitions for a union election since August.
