Starbucks Announces Chief Financial Officer Succession
January 07 2021 - 8:30AM
Business Wire
- Patrick Grismer, executive vice president and cfo, will retire
in May 2021
- Rachel Ruggeri, senior vice president of Finance, Americas,
promoted to executive vice president and cfo, effective February 1,
2021
Starbucks 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.
“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.”
“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.”
“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 and is highly respected by her colleagues
across the organization. I look forward to working closely with
Rachel in her new role to further fuel Starbucks success and drive
value for all of our stakeholders by continuing to deliver
consistent and predictable sales growth and margin expansion while
investing in key strategic initiatives to ensure we even further
differentiate Starbucks position over time.”
Ruggeri has 28 years of experience in accounting, financial
planning and analysis, and business process improvement. Working
closely with Grismer as senior vice president of Finance, Americas,
Ruggeri is highly respected by partners across the global
enterprise, leading all aspects of business planning and financial
performance management, with a specific focus on creating synergy
and leveraging best practices across the broader organization. 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, now the foundation of Starbucks industry-leading digital
engagement platform and a significant growth driver for the
company.
During her tenure at Starbucks, Ruggeri has held a variety of
finance positions of increasing responsibility, including vice
president of Corporate Financial Planning and Analysis, vice
president of Finance in support of the U.S. Business, and senior
vice president of Finance for Global Retail. In addition to her
time at Starbucks, Ruggeri has held several financial leadership
roles supporting social service organizations, and also within the
food and beverage industry, including serving as Continental Mills’
chief financial officer.
Ruggeri holds a Bachelor of Arts degree from the University of
Puget Sound and a Master of Business Administration degree from
Washington State University.
Guidance for Fiscal 2021
Starbucks is reaffirming its guidance for Q1 and the full year
fiscal 2021 that was previously provided on October 29, 2020 and
December 16, 2020. “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.”
About Starbucks
Since 1971, Starbucks Coffee Company has been committed to
ethically sourcing and roasting high-quality arabica coffee. Today,
with nearly 33,000 stores worldwide, the company is the premier
roaster and retailer of specialty coffee in the world. Through our
unwavering commitment to excellence and our guiding principles, we
bring the unique Starbucks Experience to life for every customer
through every cup. To share in the experience, please visit us in
our stores or online at http://news.starbucks.com or
www.starbucks.com.
Forward-Looking Statements
Certain statements contained herein and in this press release
are “forward-looking” statements within the meaning of the
applicable securities laws and regulations. Generally, these
statements can be identified by the use of words such as “believe,”
“continue,” “could,” “expect,” “may,” “predict,” “remain,”
“should,” “will,” “would,” and similar expressions intended to
identify forward-looking statements, although not all
forward-looking statements contain these identifying words. These
statements include statements relating to: the estimated financial
impact related to the outbreak of coronavirus disease (COVID-19)
including the outlook, guidance and projections for fiscal 2021
guidance; our ability to continue steady business improvement and
recovery; and our ability to emerge from this global crisis and
drive long-term growth. These forward-looking statements do not
represent historical data, are based on currently available
operating, financial and competitive information and are subject to
a number of significant risks and uncertainties. Actual future
results and trends may differ materially depending on a variety of
factors, including, but not limited to, the risks detailed in the
company filings with the Securities and Exchange Commission,
including the “Risk Factors” sections of Starbucks Annual Report on
Form 10-K for the fiscal year ended September 27, 2020. The company
assumes no obligation to update any of these forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20210107005313/en/
Starbucks Contact, Investor Relations: Durga Doraisamy
206-318-7118 investorrelations@starbucks.com
Starbucks Contact, Media: Reggie Borges 206-318-7100
press@starbucks.com
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