Patrick Grismer, currently the chief financial officer for Hyatt Hotels Corp., will succeed the retiring Scott Maw as Starbucks CFO next month, the coffee chain announced Monday.
Grismer, who has been with Hyatt since 2016, also was CFO of Yum! Brands.
“As a seasoned CFO of multiple global, consumer-facing growth companies, Pat brings tremendous finance expertise, a customer-centric mindset and a wealth of restaurant industry experience to Starbucks,” said Kevin Johnson, Starbucks president and CEO, in a statement. “Pat will be a fantastic addition to the team, and I look forward to partnering with him as we continue to execute against our strategic priorities and drive strong financial performance.”
Maw, who has been with Starbucks in a variety of finance roles since 2011, retires Nov. 30 but will stay with the company through next March as a senior consultant.
Grismer will become part of a Starbucks executive team charged with steering the coffee giant out of sales doldrums and slumping traffic. The company is planning as-yet-unspecified layoffs and organizational changes in coming weeks. Traffic fell 2% while same-store sales grew only 1% in the most recent quarter, as the company looks to innovation and operational efficiencies to grow sales and cut costs.
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