Starbucks’ ex-CEO Schultz opposes potential settlement with Elliott, FT reports

07/26/2024

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2024.07.26 17:01

(Reuters) – Former Starbucks (NASDAQ:) chief executive, Howard Schultz, is opposing a potential settlement between the coffee chain and activist investor Elliott Investment Management, the Financial Times reported on Friday.

© Reuters. FILE PHOTO: Former Starbucks Chief Executive Officer Howard Schultz testifies at a Senate Health, Education, Labor, and Pensions Committee hearing about the company's compliance with labor law on Capitol Hill in Washington., U.S., March 29, 2023. REUTERS/Julia Nikhinson/File Photo

Schultz, who is the sixth largest shareholder in the company, made his opposition to an Elliott settlement known to some board members, the report said, citing people familiar with the matter.

Elliott has built a sizable position in Starbucks and has been discussing ways of improving the coffee chain’s stock performance, two sources familiar with the matter told Reuters last week.

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07/26/2024

Less than a minute