Starbucks CFO Pat Grismer to retire, reiterates outlook

Starbucks Executive Vice President and Chief Financial Officer Patrick “Pat” Grismer is pictured at the Annual Meeting of Shareholders in Seattle, Washington on March 20, 2019.

Jason Redmond | AFP | Getty Images

Starbucks said Thursday that Rachel Ruggeri, senior vice president of finance for the Americas division, will take Chief Financial Officer Pat Grismer’s place when he retires on Feb. 1.

The coffee chain also reiterated its outlook for the first fiscal quarter of 2021 and the full-year forecast.

For the fiscal first quarter, the company projects adjusted earnings of 50 cents to 55 cents per share. During the entire fiscal year, Starbucks expects to earn between $2.70 and $2.90 per share, after adjustments, on revenue of $28 billion to $29 billion.

Grismer will stay on as an advisor to CEO Kevin Johnson through May 2 to help the transition. He assumed the role of chief financial officer in 2018 after holding the same title at Hyatt.

Ruggeri started working at Starbucks 16 years ago as a member of the accounting team, helping launch the first Starbucks Card. She has 28 years of experience.

Shares of Starbucks, which has a market value of $122 billion, were flat in premarket trading. The stock has risen 18% over the last year.

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