Starbucks Corporation (NASDAQ:SBUX) has announced on Thursday that it Chief Operating Officer (COO), Troy Alstead will be taking an extended unpaid leave from the company. This was a personal decision taken by Alstead to spend more time with his family. Many feared that this announcement might push many investors to sell Starbucks Corporation (NASDAQ:SBUX) shares, which in turn might cause the stock price to drop. Jim Cramer talked on CNBC about why the shareholders should not consider selling the Starbucks Corporation (NASDAQ:SBUX) stock.
Cramer said that Troy Alstead is the No. 2 in Starbucks Corporation (NASDAQ:SBUX) next only to its CEO, Howard Schultz. He said that Alstead is a fabulous person when it comes to business. Cramer pointed out that Schultz is doing a lot of big things for Starbucks Corporation (NASDAQ:SBUX) and he feels that Starbucks Corporation (NASDAQ:SBUX) has a great bench strength.
Cramer said that he would never want Alstead to leave for a break from Starbucks Corporation (NASDAQ:SBUX), since he is very good at what he does for the company. He said that if someone decides to sell the Starbucks Corporation (NASDAQ:SBUX) stock due to Alstead’s decision, they are making a very short term incorrect move.
Cramer thinks that there are a lot changes coming up in Starbucks Corporation (NASDAQ:SBUX). He added that despite Alstead is taking a break from organization; the company has good bench strength to fill in during his absence. He said that due to these reasons one should not sell this stock.
“This company has a great bench, I think it’s a shame. I don’t want Troy Alstead to leave for a second, he is so great. But there is a great bench. If you selling this you are making a very short-term and incorrect move,” Cramer said.
Alstead will be going on an extended personal leave from the beginning of March. He has already spend 23 staggering years in Starbucks Corporation (NASDAQ:SBUX).
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