Elliott offers Starbucks settlement to allow CEO to keep his post, CNBC reports.

(Reuters) – Activist investor Elliott Management offered a settlement with coffee chain Starbucks (NASDAQ: SBUX) that would allow CEO Laxman Narasimhan to keep his post, CNBC reported on Thursday, citing people familiar with the matter.

The Starbucks board has not yet responded to Elliott’s offer, the report said. The company did not immediately respond to a Reuters request for comment.

Starbucks had on Tuesday confirmed that Elliott was a shareholder and that talks with the investor had been “constructive.”