Starbucks Suspends Buyback To Focus On Investing In Operations; Schultz Takes Helm

Starbucks Corp SBUX has suspended its stock repurchasing program, effectively immediately, in order to focus on investing in its workforce and more stores.
The company's founder, Howard Schultz, returns as interim CEO and board member after Kevin Johnson announced his retirement.
In a letter to employees, Schultz noted the move to suspend buyback would free up cash to invest in the company's growth. "We all have a stake in our future. This serves as an invitation to come build it," a WSJ report quoted Schultz.
During Schultz's previous four decades as CEO and chairman, the company grew from 11 stores to more than 28,000 stores in 77 markets worldwide.
The company repurchased 31.1 million shares in Q1 fiscal 2022 and had 17.8 million shares available under the authorization.
Price Action: SBUX shares are trading lower by 2.72% at $89.00 in premarket on the last check Monday.
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