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Howard Schultz, former CEO of Starbucks and the company's sixth-largest shareholder, has a $2.03 billion investment.
Howard Schultz, former CEO of Starbucks and the company’s sixth-largest shareholder with a $2.03 billion stake, reportedly opposes a potential settlement between the coffee chain and activist investor Elliott Investment Management. The Financial Times reported this development on Friday.
Schultz has opposed some board members regarding the proposed settlement with Elliott. The activist investor has built a significant position in Starbucks and advocated for strategies to enhance the company’s stock performance.
Schultz, known for his transformative role in Starbucks’ growth, appears to be concerned about the settlement’s potential impact on the company’s future direction.
Schultz has been pivotal in Starbucks’ evolution from a small company selling whole beans to a global coffeehouse giant with over 36,000 stores in 86 markets.
He stepped down as CEO in 2023 after serving three times over his 41-year tenure with the company.
Recently, Schultz criticized Starbucks’ U.S. operations on LinkedIn following disappointing quarterly earnings results in April.
Elliott Investment Management, known for its activism in several high-profile companies, has recently won board seats at companies like Etsy, Phillips 66, and Match.
As of December, the hedge fund managed $65.5 billion in assets and actively pushed for changes at Southwest Airlines, Texas Instruments, and Johnson Controls.
Starbucks’ stock has faced challenges, with shares down nearly 23% this year. The potential settlement with Elliott Investment Management could significantly change the company’s operations and strategy.
However, Schultz’s opposition indicates potential resistance from within the company to any drastic changes proposed by the activist investor.
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