Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Activist investor Elliott Global Management has accumulated a sizeable minority stake in coffee chain Starbucks, according to two people familiar with the matter, the latest in a series of campaigns targeting large-cap companies.Elliott had pushed for change behind the scenes in recent weeks, the people said. The size of its position in the $88bn company could not be immediately learned, but shares of Starbucks jumped 5 per cent after the stake was reported by The Wall Street Journal on Friday. The move comes after a 22 per cent fall in Starbucks’ shares since the start of the year and public criticism from Howard Schultz, its former leader. The coffee chain is grappling with a slowdown in sales, particularly at brick and mortar stores. In the second quarter, Starbucks said its revenue slid by 2 per cent from a year earlier. “In a highly challenged environment, this quarter’s results do not reflect the power of our brand, our capabilities or the opportunities ahead,” Starbucks chief executive Laxman Narasimhan said in April. Spokespeople for Starbucks and Elliott declined to comment.Schultz, Starbucks’ longtime chief, was succeeded last year by Narasimhan, the former CEO of UK-based consumer health and hygiene group Reckitt. Schultz, who returned twice to replace earlier chief executives, has stepped off the board, but this spring criticised Starbucks’ stewardship in a post on LinkedIn. Schultz retains a $1.6bn stake in the company, about 2 per cent of its market capitalisation.“The company’s fix needs to begin at home: US operations are the primary reason for the company’s fall from grace,” Schultz wrote in the open letter. “Senior leaders — including board members — need to spend more time with those who wear the green apron.”RecommendedIn May, Microsoft CEO Satya Nadella stepped down from the Starbucks board of directors, saying in a resignation letter that he had “utmost confidence” in Narasimhan and the company’s leadership team. Starbucks fended off a proxy fight earlier this year after a labour group critical of Starbucks’ union strategy retracted its request for board seats. Elliott, one of the largest and most prolific activist investors, has this year pushed for change at several large-cap companies including Southwest Airlines and Texas-based semiconductor company Texas Instruments.