Starbucks promoted Rachel Ruggeri, who currently serves as senior vice president of finance, Americas, to executive vice president and chief financial officer, effective Feb. 1, the company announced on Thursday. Ruggeri will replace current chief financial officer, Patrick Grismer, who is retiring from the company on Feb. 1, but will serve as an advisor to CEO Kevin Johnson through May 2.
“I want to thank Pat for his leadership and his many contributions to Starbucks through this period of unprecedented change and transformative growth,” Johnson said in a statement. “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.”
Ruggeri — a 16-year veteran of the company, who has held multiple financial leadership positions at Starbucks 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 — will report to Johnson in her new role.
“It gives me great confidence to know that Rachel, a long-time Starbucks colleague and a seasoned financial executive, is stepping into this role,” Johnson said in a statement. “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.”
At the beginning of her career with the company in 2001, Ruggeri helped to launch the first Starbucks Card, and has since focused her attention on leading all aspects of business planning and financial performance management in various roles.
“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,” Grismer said in a statement.
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