Pausing the buyback program, which Starbucks initiated last fall, represents the best way for the company to invest in its next phase of growth, Mr. Schultz told employees in a letter coinciding with his return Monday as the coffee giant’s CEO.
“We all have a stake in our future,” Mr. Schultz wrote. “This serves as an invitation to come build it.”
Starbucks shares fell 2.6% in premarket trading to $89.04
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