US – Starbucks Corporation, the premier roaster and retailer of specialty coffee in the world has announced the appointment of Rachel Ruggeri as the new executive vice president and chief finance officer.

Ruggeri whose appointment will become effective on February 1, 2021 will succeed Patrick Grismer who has decided decided to retire from his position as executive vice president and cfo of the Company

 Rachel Ruggeri, who is currently the senior vice president of Finance, Americas and a 16-year Starbucks partner, will report to Kevin Johnson, Starbucks president and chief executive officer.

Grismer , who is bowing out after 35years in the finance industry, 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,” said Johnson.

“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.”

Grismer on his part said that it had been an honor to be a Starbucks partner, adding that he was proud of the significant progress made to drive Starbucks’ growth strategy and unlock considerable shareholder value over the past two years.

The new Starbucks executive vice president and cfo has 28 years of experience in accounting, financial planning and analysis, and business process improvement.

Ruggerri holds a Bachelor of Arts degree from the University of Puget Sound and a Master of Business Administration degree from Washington State University

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, now the foundation of Starbucks industry-leading digital engagement platform and a significant growth driver for the company.

“Rachel has long been a key member of our senior finance team, and I am confident that her experience and strong leadership capabilities will help to ensure that Starbucks continues to drive improved operating performance and disciplined execution of our Growth at Scale agenda,” said Grismer.

Working closely with Grismer as senior vice president of Finance, Americas, Ruggeri is highly respected by partners across the global enterprise, leading all aspects of business planning and financial performance management, with a specific focus on creating synergy and leveraging best practices across the broader organization.

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