'Howard Schultz Opposes Starbucks Settlement With Activist Investor Elliott' - Financial Times
Portfolio Pulse from Benzinga Newsdesk
Howard Schultz, former CEO of Starbucks, opposes a potential settlement between Starbucks and activist investor Elliott Investment Management. Schultz, who remains a significant shareholder, has publicly criticized the company's leadership and performance. Starbucks has faced a 20% decline in share price since the start of 2024 and has cut its financial guidance twice this year. The company is set to announce its fiscal third-quarter results soon.
July 26, 2024 | 8:39 pm
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Howard Schultz, former CEO and significant shareholder of Starbucks, opposes a potential settlement with Elliott Investment Management. Schultz has criticized the company's leadership and performance, contributing to a 20% decline in share price since the start of 2024. Starbucks has also cut its financial guidance twice this year and is set to announce its fiscal third-quarter results soon.
Schultz's opposition to the settlement and his public criticism of Starbucks' leadership and performance are likely to create uncertainty and negative sentiment among investors. The company's recent financial struggles and upcoming earnings report add to the potential for short-term downward pressure on the stock price.
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