09:18 AM EDT, 08/01/2024 (MT Newswires) -- Starbucks ( SBUX ) received a settlement offer from activist investor Elliott Management that would allow Chief Executive Laxman Narasimhan to keep his job, CNBC reported Thursday, citing people familiar with the matter.

The proposed settlement by Elliott, which has amassed a significant stake in the coffee giant, would also include a board expansion and governance enhancements, the people reportedly told CNBC. Starbucks ( SBUX ) has not yet responded to the proposal, which was submitted weeks ago, CNBC reported, citing the people.

Starbucks ( SBUX ) did not immediately respond to an MT Newswires request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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