Starbucks CFO Pat Grismer to retire, reiterates outlook
Patrick “Pat” Grismer, Executive Vice President and Chief Financial Officer of Starbucks, is pictured at the Annual General Meeting on March 20, 2019 in Seattle, Washington.
Jason Redmond | AFP | Getty Images
Starbucks said Thursday that Rachel Ruggeri, senior vice president of finance for the Americas division, will take the place of CFO Pat Grismer when he retires on February 1.
The coffee chain also reiterated its outlook for the first fiscal quarter of 2021 and the forecast for the full year.
For the first quarter of the fiscal year, the company is forecasting adjusted earnings of 50 cents to 55 cents per share. For the full fiscal year, Starbucks expects sales of $ 28 to 29 billion, after adjustments, between $ 2.70 and $ 2.90 per share.
Grismer will serve as an advisor to CEO Kevin Johnson through May 2 to assist in the transition. He took on the role of Chief Financial Officer in 2018 after holding the same title at Hyatt.
Ruggeri started working for Starbucks 16 years ago as a member of the accounting team and helped launch the first Starbucks card. She has 28 years of experience.
Starbucks’ shares, valued at $ 122 billion, were unchanged in premarket trading. The stock is up 18% over the past year.