He also tries to dissuade employees from unionizing.
The decision to stop buying back shares may also aim to build support for the company’s management.
A Starbucks spokesman called the decision to suspend the buyback program “an agenda of Starbucks and Starbucks only.”
Schultz is back at the helm at a pivotal moment for Starbucks.
Not only is union organization gaining momentum, the company is also facing a number of other challenges.
Starbucks “faces new realities in a changed world,” Schultz wrote. In particular, “jammed supply chains, Covid-induced decimation, heightened tensions and political unrest, a racial reckoning and a rising generation seeking new corporate accountability.”
The company “can either choose to stand up to this moment — or stand still,” he said. Schultz said he hopes for “further development of our company”.
To that end, he plans to spend time with the staff to hear their thoughts.
“I will be traveling… to connect with partners in our stores and manufacturing facilities around the world to understand your thoughts and ideas on building that next Starbucks,” he wrote.
According to the company spokesman, Schultz is hosting an open forum for employees on Monday where he will address some of the macroeconomic issues affecting the company.
https://www.cnn.com/2022/04/04/business/starbucks-buyback-program/index.html Howard Schultz suspends Starbucks stock buyback program