Starbucks to end stock buyback program as Schultz returns as CEO

Starbucks SBUX, +0.57% on Monday said it will suspend its stock repurchasing program, effectively immediately, as Howard Schultz returns to the company as chief executive. “This decision will allow us to invest more into our people and our stores – the only way to create long-term value for all stakeholders,” said Schultz in a statement. Starbucks shares have dropped 22% this year, worse than the 5% drop for the broader S&P 500 SPX, +0.34%.