Elliott Statement on Starbucks

Rhea-AI Summary

Elliott Investment Management has announced its position as one of the largest investors in Starbucks (NYSE: SBUX), expressing confidence in the company's long-term value-creation potential. The statement, released on August 13, 2024, highlights Elliott's two-month engagement with Starbucks' Board regarding key issues. Elliott views a recent announcement (not specified in the PR) as a transformational step forward for Starbucks.

The investment firm welcomes the appointment of Brian Niccol and expresses its intention to continue engaging with the Board to help Starbucks realize its full potential. This statement suggests a significant development in Starbucks' corporate strategy and governance, potentially impacting its future direction and shareholder value.

Positive

• Elliott Investment Management becomes one of the largest investors in Starbucks
• Elliott expresses confidence in Starbucks' long-term value-creation opportunity
• Appointment of Brian Niccol welcomed by Elliott

Negative

• None.

WEST PALM BEACH, Fla., Aug. 13, 2024 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), today released the following statement from Elliott Managing Partner Jesse Cohn and Partner Marc Steinberg regarding Starbucks Corporation (NYSE: SBUX) (the "Company" or "Starbucks") and its engagement with the Company:

Elliott has become one of the largest investors in Starbucks because of our confidence in the long-term value-creation opportunity we see at one of the world's most important brands. Elliott has been engaged with Starbucks' Board over the past two months regarding our perspectives on the Company's key issues, and we view today's announcement as a transformational step forward for the Company. We welcome the appointment of Brian Niccol, and we look forward to continuing our engagement with the Board as it works toward the realization of Starbucks' full potential.

About Elliott

Elliott Investment Management L.P. (together with its affiliates, "Elliott") manages approximately $69.7 billion of assets as of June 30, 2024. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. 

Media Contact:         

Casey Friedman                                             
Elliott Investment Management L.P.                                     
(212) 478-1780                                              
cFriedman@elliottmgmt.com 

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SOURCE Elliott Investment Management L.P.

FAQ

What did Elliott Investment Management announce about Starbucks (SBUX) on August 13, 2024?

Elliott Investment Management announced that it has become one of the largest investors in Starbucks (SBUX), expressing confidence in the company's long-term value-creation opportunity. They also welcomed the appointment of Brian Niccol and stated their intention to continue engaging with the Board.

How long has Elliott been engaged with Starbucks' (SBUX) Board?

According to the statement, Elliott has been engaged with Starbucks' (SBUX) Board for the past two months regarding their perspectives on the company's key issues.

Who is the new appointment at Starbucks (SBUX) that Elliott welcomed?

Elliott welcomed the appointment of Brian Niccol to Starbucks (SBUX), although the specific role was not mentioned in the press release.

What does Elliott Investment Management think about recent developments at Starbucks (SBUX)?

Elliott views a recent announcement (not specified in the PR) as a transformational step forward for Starbucks (SBUX) and believes it will help the company realize its full potential.