New CFO to replace Scott Maw
Starbucks has named Patrick Grismer executive vice president and chief financial officer (CFO), succeeding Scott Maw, who is retiring at the end November. Grismer will report to Kevin Johnson, Starbucks president and chief executive. He brings global financial expertise from leadership roles in several large, consumer-facing companies, including Hyatt Hotels, KFC parent Yum Brands and The Walt Disney Company, spending more than 25 years as these hospitality and foodservice behemoths.
Grismer was most recently at Hyatt, serving as chief financial officer, overseeing the global financial functions, including corporate strategy, asset management, construction, procurement, and shared services. Before his role at Hyatt, he held several executive and leadership positions at Yum Brands over 14 years. Grismer spent more than a decade in finance & strategy roles at The Walt Disney Company, including vice president of business planning and development.
“Pat (Patrick Grismer) will be a fantastic addition to the team, and I look forward to partnering with him as we continue to execute against our strategic priorities and drive strong financial performance,” said Johnson, in a statement. Outgoing CFO Maw will remain with Starbucks as a consultant through March 2019 as part of the transition process.
[Related article: Scott Maw to retire from Starbucks amid major developments at coffee chain.]
A Certified Public Accountant in the State of California, Grismer earned his Master of Business Administration degree from Northwestern University’s Kellogg Graduate School of Management. His Bachelor of Science degree is from the University of Southern California.
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