Starbucks has announced that Cathy Smith will be joining the company as its new Chief Financial Officer, replacing longtime veteran Rachel Ruggeri. Smith, who previously served as the CFO of Nordstrom, will be stepping into the role as part of a series of executive changes under new CEO Brian Niccol.
Since Niccol joined Starbucks in September, there have been several notable departures from the company, including the North American CEO, North American President, Chief Supply Officer, and the former Chair of the Board. Many executives with ties to Niccol from his previous positions at Chipotle Mexican Grill and Yum Brands’ Taco Bell have also joined Starbucks.
Smith brings with her decades of experience, having served as CFO for a variety of companies including Bright Health Group, Target, Express Scripts, and Walmart International. She is expected to start next month, according to a letter from Niccol to employees.
Ruggeri, who has been with Starbucks since 2001 and served as CFO since 2021, will be departing from the company. Her departure is without cause, and she will be assisting with Smith’s transition into the role.
Overall, the executive changes at Starbucks are part of Niccol’s efforts to turn around slumping coffee sales and drive the company’s growth and success in the future.
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