Press release
Starbucks Announces Chief Financial Officer Succession
Patrick Grismer, executive vice president and cfo, will retire in May 2021 Rachel Ruggeri, senior vice president of Finance, Americas, promoted to executive
About this update from Starbucks Corporation
[{"type":"text","content":"\n\nPatrick Grismer, executive vice president and cfo, will retire in May 2021\n\n\nRachel Ruggeri, senior vice president of Finance, Americas, promoted to executive vice president and cfo, effective February 1, 2021\n\n\n SEATTLE--(BUSINESS WIRE)--\nStarbucks Corporation (NASDAQ: SBUX) today announced that after a more than 35-year career in finance, Patrick Grismer has decided to retire from his position as executive vice president and chief financial officer (cfo) of the Company effective February 1, 2021. Rachel Ruggeri, senior vice president of Finance, Americas and a 16-year Starbucks partner, will succeed Grismer as executive vice president and cfo, effective February 1, 2021. Ruggeri will report to Kevin Johnson, Starbucks president and chief executive officer. Grismer will remain with the company as an advisor to Johnson through May 2, 2021, to ensure a smooth transition.\n\n“I want to thank Pat for his leadership and his many contributions to Starbucks through this period of unprecedented change and transformative growth. He has played an important role helping the company deliver on our Growth at Scale agenda while building a strong finance team with deep expertise, and I remain as confident as ever in the future of Starbucks,” said Johnson. “On behalf of the Board of Directors and all Starbucks partners, I want to wish Pat all the best as he enters the next chapter of his life.”\n\n“It has been an honor to be a Starbucks partner, and I am proud of the significant progress we have made to drive our growth strategy and unlock considerable shareholder value over the past two years,” said Grismer. “I believe Starbucks is operating from a position of strength, with a long runway of profitable growth ahead. Rachel has long been a key member of our senior finance team, and I am confident that her experience and strong leadership capabilities will help to ensure that Starbucks continues to drive improved operating performance and disciplined execution of our Growth at Scale agenda.”\n\n“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 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 an...