Amid the ongoing restructuring efforts at the renowned coffee chain Starbucks, its CEO, Brian Niccol, has made an important announcement. Cathy Smith, an executive from Nordstrom, is set to take over as the company’s new Chief Financial Officer (CFO), replacing Rachel Ruggeri.
In a communication addressed to the employees, Niccol emphasized the wealth of experience Smith brings to the table. With a background spanning retail, global operations, and a proven track record of achieving turnarounds, Smith has held significant CFO positions at major retail giants such as Nordstrom, Target, and Walmart International. She is expected to assume her new role within the next month.
Niccol expressed his enthusiasm, stating, “She’s a great person and a great leader. I’m excited to partner with her as we continue our work on the Back to Starbucks plan.”
Rachel Ruggeri, who has held the CFO position at Starbucks for nearly two decades, will play a crucial role in facilitating the transition. Niccol lauded Ruggeri’s contributions, saying, “I know Rachel has helped the company navigate through some of the most challenging times and played a key role in some of our biggest successes. When people share stories about Rachel tackling a significant challenge or leaning into a new opportunity, they highlight the same qualities. Rachel was always a steady hand, a clear thinker and often the voice that reminded us of the clarity we get from our mission, and our values. She understands the numbers intimately and values the people deeply.” He further added, “I’m personally grateful for the partnership we’ve had over the last six months since I joined Starbucks. Thank you, Rachel, for all you have done for our business, our culture and our partners.”
This announcement follows closely on the heels of Starbucks’ revelation of its plan to streamline operations in the United States. The company intends to cut 1,100 corporate positions and simplify its menu, all in the pursuit of “a better Starbucks experience”.
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