Starbucks halts stock buybacks as Schultz returns

Published April 4, 2022 5:51 am

By MATT OTT and DEE-ANN DURBIN
AP Business Writers

Longtime Starbucks leader Howard Schultz returned to the company as interim CEO Monday. Among his first actions was suspending Starbucks’ $20 million share buyback program to invest more profits in employees and stores. Starbucks shares fell 4% on the news. The pivot in strategy comes just three weeks after Starbucks announced that Schultz would be taking over the company’s top role until it finds a permanent CEO. Schultz could be feeling some heat from a growing unionization effort. Six of the company’s 9,000 U.S. stores have recently unionized, and at least 170 more have filed to hold union elections.

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