Starbucks CEO Brian Niccol announced Nordstrom executive Cathy Smith will succeed Rachel Ruggeri as CFO, amid the coffee chain’s ongoing restructuring.
In a letter to employees, Niccol said Smith – who will commence her role in the next month – brings extensive experience in retail, global operations, and turnaround success, holding CFO roles at Nordstrom, Target, and Walmart International.
“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,” says Niccol.
Ruggeri, who has held the position for nearly 20 years, will assist with the transition.
“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,” says Niccol.
“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.”
The announcement comes shortly after the company outlined its plan to cut 1100 corporate roles and simplify its menu in the United States for “a better Starbucks experience”.
