CNN BUSINESS | Howard Schultz suspends Starbucks’ share buyback program

New York (CNN Business) – Howard Schultz’s first act on his return as Starbucks CEO is to pause the company’s share buyback program.

“Starting immediately, we are suspending our share repurchasing program,” Schultz wrote in an open letter to Starbucks employees, customers and others which was published early Monday. “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.”

Monday marks Schultz’s first day as interim CEO, and his third stint as chief executive of the company. Starbucks said it will find a permanent CEO by the fall. In the meantime, Schultz is helping run the company and aiding in the search for a successor.  –read more–