Starbucks Corporation announced that after a more than 35-year career in finance, Patrick Grismer has decided to retire from his position as Executive Vice President and Chief Financial Officer of the Company effective February 1, 2021. Rachel Ruggeri, Senior Vice President of Finance, Americas, and a 16-year Starbucks partner will succeed Grismer as Executive Vice President and CFO, effective February 1, 2021. Ruggeri will report to Kevin Johnson, Starbucks President, and Chief Executive Officer. Grismer will remain with the company as an advisor to Johnson through May 2, 2021, to ensure a smooth transition.
Ruggeri has 28 years of experience in accounting, financial planning and analysis, and business process improvement. Working closely with Grismer as Senior Vice President of Finance, Americas, Ruggeri is 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. 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.
During her tenure at Starbucks, Ruggeri has held a variety of finance positions of increasing responsibility, including vice president of Corporate Financial Planning and Analysis, Vice President of Finance in support of the U.S. Business, and Senior Vice President of Finance for Global Retail. In addition to her time at Starbucks, Ruggeri has held several financial leadership roles supporting social service organizations, and also within the food and beverage industry, including serving as Continental Mills’ Chief Financial Officer.