Starbucks Suspends Buybacks to Invest in Operations as Schultz Returns

Starbucks Corp. said it is suspending billions of dollars in share repurchases, a move that interim Chief Executive Officer Howard Schultz said would free up cash to invest in cafes and employees.

Pausing the buyback program, which Starbucks initiated last fall, represents the best way for the company to invest in its next phase of growth, Mr. Schultz told employees in a letter coinciding with his return Monday as the coffee giant’s CEO.