File: 2019 Cathy Smith.
Mark Lennihan | AP
Starbucks Announced Tuesday Nordstrom CFO Cathy Smith will join the company as the new chief financial officer, replacing long-time veteran Rachel Ruggeri.
Performing changes is the latest after Starbucks Brian Niccol Joined the company as CEO in September with the goal of reversing the downturn in coffee sales.
Notable departure events during Niccol’s tenure so far include the company’s North American CEO, North American President, Chief Supply Officer and Chairman. At the same time, many executives Contact Nicole Starting from his time Chipotle Mexican Grill and Yum Brand Taco Bell joined the company.
Smith, 61, joined Starbucks, which is also based in Seattle, after two years at Nordstrom, recently Announced a $6.25 billion deal in private. Throughout decades of career, Smith also served as Chief Financial Officer for Bright Health Group, Target, Express Scripts, Walmart International, GameStop, Centex, Kennametal, Textron and Raytheon.
Nickel starts Smith next month Letter to employees.
Ruggeri has served as Starbucks Chief Financial Officer since 2021. In addition to two brief jobs from other companies, she has worked in a coffee chain since 2001.
“I personally appreciate the partnership for the past 6 months since joining Starbucks,” Nicole said in the letter. “Thank you, Rachel, for everything you have done for our business, our culture and our partners.”
The company said in regulatory filings that there was no reason for her departure. Nicole said Rugley would stick with it to help Smith transition to the role.
Correction: Smith is expected to start next month. A previous version of this story misinterpreted the timeline.
