Starbucks announced Tuesday that Nordstrom CFO Cathy Smith will join the company as its new chief financial officer, replacing longtime veteran Rachel Ruggeri.<\/p>\n
The executive change is the latest for Starbucks after Brian Niccol joined the company as chief executive in September with the goal of turning around slumping coffee sales.<\/p>\n
So far, noteworthy departures during Niccol\u2019s tenure have included the company\u2019s North American CEO, North American president, chief supply officer and the former chair of the board. Meanwhile, many executives with ties to Niccol from his time leading Chipotle Mexican Grill and Yum Brands\u2019 Taco Bell have joined the company.<\/p>\n
Smith, 61, joins Starbucks after two years at Nordstrom, which is also based in Seattle and recently announced a $6.25 billion deal to go private. Throughout her decades-long career, Smith has also served as CFO for Bright Health Group, Target, Express Scripts, Walmart International, GameStop, Centex, Kennametal, Textron and Raytheon.<\/p>\n
Smith is expected to start next month, Niccol wrote in a letter to employees.<\/p>\n
Ruggeri has served as chief financial officer for Starbucks since 2021. Excluding two brief stints at other companies, she has worked at the coffee chain since 2001.<\/p>\n
\u201cI\u2019m personally grateful for the partnership we\u2019ve had over the last 6 months since I joined Starbucks,\u201d Niccol said in the letter. \u201cThank you, Rachel, for all you have done for our business, our culture and our partners.\u201d<\/p>\n
Her departure is without cause, the company said in a regulatory filing. Ruggeri will stick around to help with Smith\u2019s transition into the role, according to Niccol.<\/p>\n<\/p>\n
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