Starbucks has announced that Cathy Smith will step into the role of chief financial officer, following Rachel Ruggeri’s departure from the position.
Ruggeri worked at Starbucks for 20 years and served as interim CEO before Brian Niccol was permanently appointed as the new permanent CEO.
Cathy Smith has previously served as CFO at Nordstrom, Target, and Walmart International.
Niccol said: “I’m thrilled to welcome Cathy Smith as our new CFO. Cathy brings incredible knowledge and extensive experience in retail, global operations, and turnaround success.
“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.”
The new appointment follows several C-suite changes that have happened over the past months.
Tressie Lieberman took on the role of chief marketing officer in October 2024, while Mike Grams was named chief stores officer, and Meredith Sandland was appointed as chief store development officer in January 2025.
Starbucks has also made restructuring plans with the Back to Starbucks initiative, which aims to boost company growth following declining sales.
In Q1 of 2025, which ended on 29 December 2024, the company saw its global comparable store sales fall by 4% while its net revenue dropped by 3% to $436 million.
Niccol said: “While we’re only one quarter into our turnaround, we’re moving quickly to act on the ‘Back to Starbucks’ efforts, and we’ve seen a positive response.
“We believe this is the fundamental change in strategy needed to solve our underlying issues, restore confidence in our brand, and return the business to sustainable, long-term growth.”
As a part of its plans, the company also announced it would cut 1,100 jobs in a shareholder’s letter shared in February 2025.
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