Sack the CEO and bring back the founder. The market likes it. And, it worked at Starbucks (SBUX) for all of four days. The shares have fallen as low as $18.92 in today’s trading.
The shares should not have moved up in the first place. Howard Schultz may be the best person to run the coffee chain, but the problems of a tarnished image and too many stores in the US may take a year or more to solve.
Schultz will have to contend with high milk prices and the fact that a recession will even hurt people with enough money to spend $4 on a cup of coffee.
Starbucks made the right move changing management, but it may not be reflected before 2009.
Douglas A. McIntyre
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