Patrick Grismer is retiring as Starbucks chief financial officer, the company announced on Thursday.
Rachel Ruggeri, senior vice president of finance, Americas, will take his place effective Feb. 1.
Grismer will stay on with the Seattle-based coffee giant through May to ensure a “smooth transition,” the company said.
“He has played an important role helping the company deliver on our Growth at Scale agenda while building a strong finance team with deep expertise,” CEO Kevin Johnson said in a statement.
Grismer joined Starbucks in 2018 and has had a career in finance spanning more than 35 years—he has also worked with companies like Hyatt Hotels, Yum Brands and The Walt Disney Co.
“I believe Starbucks is operating from a position of strength, with a long runway of profitable growth ahead,” he said in a statement. “Rachel has been a key member of our senior finance team, and I am confident that her experience and strong leadership capabilities will help to ensure that Starbucks continues to drive improved operating performance.”
Ruggeri has 28 years of experience in accounting, financial planning and analysis and business process improvement. She first joined Starbucks in 2001 as a member of the accounting team. She has held a variety of positions with the company.
“Not only does she have a comprehensive understanding of the food, beverage and retail industry and deep knowledge of our business, she is also passionate about the Starbucks brand and is highly respected by her colleagues across the organization,” Johnson said.