Elliott’s settlement offer to Starbucks allows CEO to keep top job, CNBC reports

(Reuters) -Elliott Management proposed a settlement with Starbucks (NASDAQ:) that would involve a board expansion and governance improvements, while allowing CEO Laxman Narasimhan to keep his job, CNBC reported on Thursday.

Starbucks and Elliott did not immediately respond to Reuters requests for comment.

Elliott made its offer days before media reports that the activist investor has a significant stake in the coffee chain, the report said.

Starbucks had on Tuesday confirmed during its third-quarter earnings call that Elliott was a shareholder and that talks with the investor had been “constructive”.