Starbucks will suspend its share repurchase programme, which is popular with investors but has been a lightning rod for criticism from union backers
NEW YORK – The newly installed interim chief executive of Starbucks Howard Schultz announced Monday he will suspend a share repurchase programme as the chain navigates a challenging landscape amid a growing unionisation push.
“Starting immediately, we are suspending our share repurchasing programme,” the 68-year-old billionaire said in a letter to employees after he resumed leadership of the coffee giant he ran two times previously.
“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.”
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