Starbucks Corp. has decided to do away with share buybacks and plans to boost investment into operations, the company’s returning CEO Howard Schulz said in an open letter on April 4. “Starting immediately, we are suspending our share repurchasing program. This decision will allow us to invest more profit into our people and our stores—the only way to create long-term value for all stakeholders,” Schultz said in the letter. In October 2021, then-CEO Kevin Johnson had announced that Starbucks would spend $20 billion on buybacks and dividends over a three-year period. However, the 2021 fiscal year ended with the company not repurchasing any shares as sales suffered due to the COVID-19 pandemic. Investors generally approve of share buybacks as it cuts down the number of outstanding shares, thereby raising the earnings per share. Starbucks’ decision comes as Democrats, including President Joe Biden, have taken a stronger stance against share buybacks. …