Leadership

Starbucks replaces another top executive

The coffee shop chain named Nordstrom executive Cathy Smith CFO as Rachel Ruggeri leaves the company amid a slow management overhaul.
Starbucks
Starbucks has made several executive changes under CEO Brian Niccol. | Photo: Shutterstock.

The Brian Niccol-led Starbucks continues to gradually overhaul its executive team. 

The Seattle-based coffee shop giant on Tuesday named Cathy Smith its new chief financial officer. The 61-year-old comes to the company from the retailer Nordstrom, where she’d been the CFO since 2023. 

Smith replaces Rachel Ruggeri, who had been CFO at Starbucks since 2021 and had worked for the chain for 20 years. 

“Rachel has helped the company navigate through some of the most challenging times and played a key role in some of our biggest successes,” Niccol said in a letter to employees—which Starbucks calls partners—on Tuesday. “Rachel was always a steady hand, a clear thinker, and often the voice that reminded us of the clarity we get from our mission and our values.” 

It’s the latest in a string of executive changes at Starbucks since the arrival of Niccol, which is relatively commonplace in the aftermath of a CEO change. The company in January named Mike Grams chief store officer and Meredith Sandland chief store development officer. It named Tressie Lieberman chief brand officer in October. It changed its leadership in China and other executives are leaving. 

Smith has worked for several companies over the years and has been the CFO with Bright Health Group and Target Corp. She has also worked with Walmart, Gamestop, Centex and other businesses. 

Smith was given a cash signing bonus of $5 million, plus $11 million in stock grants. Niccol in his letter said she “brings incredible knowledge and extensive experience in retail, global operations and turnaround success.”

Members help make our journalism possible. Become a Restaurant Business member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.

Multimedia

Exclusive Content

Food

As Culver's expands into new markets, menu innovation accelerates

Behind the Menu: The Wisconsin-born fast-food chain is spreading its Midwest culinary roots into new territory, and that growth is fueling the launch of new menu items.

Financing

Luckin Coffee makes a play for the premium market

The Bottom Line: The fast-growing Chinese chain, known for its low prices, is reportedly acquiring the higher-end brand Blue Bottle Coffee from Nestle for $400 million.

Financing

Black Rock Coffee Bar sees a path to 1,000 shops

The Bottom Line: The coffee chain’s stock has stumbled since it went public in September, at least in part due to landlord delays. But executives believe the company has shaken that off.

Trending

More from our partners