Starbucks founder Howard Schultz takes reins as CEO, suspends buyback
Former Starbucks (NASDAQ:SBUX) CEO Howard Schultz will take the reins of the coffee chain for the third time after CEO Kevin Johnson announced his retirement on March 16, 2022.
Founder Howard Schultz will return as interim CEO until the company completes a search for a new leader. He will also jump back on the Starbucks (NASDAQ:SBUX) board.

The company to suspend its stock repurchasing program, effectively immediately to invest in Starbucks employees and stores for long-term growth.
âThis decision will allow us to invest more into our people and our stores â the only way to create long-term value for all stakeholders,â Schultz said.
During Q4 results, the company announced a new commitment of returning $20 billion to shareholders over the next three years through share repurchases and dividends. In Q1, the company repurchased 31.1M common shares; ~17.8M shares remain available for purchase under the current authorization.
Source: Press Release