Starbucks taps company veteran as new CFO

The chief financial officer of Starbucks Corp. is stepping down after a little over two years on the job. 

The coffee giant said that Patrick Grismer has decided to retire as executive VP and CFO of Starbucks, effective Feb.1. Grismer, a 35-year finance executive who joined the company as CFO in late 2018, will be succeeded Rachel Ruggeri, a 16-year Starbucks associate who currently serves as senior VP of finance, Americas. Grismer will remain with Starbucks as an advisor to Johnson through May 2, to ensure a smooth transition.

Ruggeri returned to Starbucks in June after a two-year stint CFO of bakery products company Continental Mills Inc. She first joined Starbucks in 2001 as a member of the accounting team, where, in her first year, she helped to launch the first Starbucks Card, the foundation of Starbucks’ digital membership programs.

During her tenure at Starbucks, Ruggeri has held a variety of finance positions of increasing responsibility, including VP of corporate financial planning and analysis, VP of finance in support of the U.S. Business, and senior VP of finance for global retail.

“It gives me great confidence to know that Rachel, a long-time Starbucks colleague and a seasoned financial executive, is stepping into this role,” said Starbucks CEO Kevin Johnson. “Not only does she have a comprehensive understanding of the food, beverage and retail industry and deep knowledge of our business, she is also passionate about the Starbucks brand and is highly respected by her colleagues across the organization.”

Starbucks also reaffirmed its previously announced first quarter and fiscal year 2021 guidance.

“Our overall business momentum remains positive, providing confidence that Starbucks will deliver financial results in line with our previous guidance,” said Grismer. “Through rapid innovation and organizational agility, we have built a new level of resilience and accelerated the transformation of our business to drive our recovery and establish a strong foundation for continued profitable growth.”