SEATTLE — Starbucks Corporation EVP and CFO Patrick Grismer announced he will retire effective February 1. At this time, Rachel Ruggeri, SVP of Finance, Americas and a 16-year Starbucks partner, will succeed Grismer and take on the role of EVP and CFO.
Ruggeri will report to Kevin Johnson, Starbucks president and CEO and 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,” says 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.”
Ruggeri has 28 years of experience in accounting, financial planning and analysis and business process improvement. 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. 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.
“It gives me great confidence to know that Rachel, a long-time Starbucks colleague and a seasoned financial executive, is stepping into this role,” says 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.”