CFO Patrick Grismer to retire this spring
Rachel Ruggeri will become Starbucks EVP and chief financial officer effective February 1, succeeding Patrick Grismer, who currently serves in that role. She will continue serving as senior vice president of Finance, Americas until her promotion takes effect. Grismer, a 35-year financial executive who joined the coffee company in 2018, plans to retire in May.
“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 Kevin Johnson, Starbucks president and chief executive. “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.”
Ruggeri’s career has spanned 28 years in accounting, financial planning and analysis. She is admired within the organization and has worked closely with Grismer during his tenure. Ruggeri, who joined in 2001 as an accounting team member, helped launch the first Starbucks Card, which is the precursor to the coffee giant’s digital engagement platform.
Over the years at Starbucks, Ruggeri has held key roles as she made her way to the top financial post. These positions include vice president of Corporate Financial Planning and Analysis, vice president of Finance in support of the US Business, and senior vice president of Finance for Global Retail.
Prior to her career at Starbucks, Ruggeri held several financial positions with the food industry, including serving as CFO for Continental Mills. She holds a Bachelor of Arts degree from the University of Puget Sound and earned her Master of Business Administration from Washington State University.
As the new CFO, effective February, Ruggeri will report to Johnson.
Said Johnson of Grismer, Starbucks’ outgoing CFO, “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.”
Photo credit: Starbucks (featured preview image)
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