Starbucks Corp. $(SBUX)$ has appointed Cathy Smith as the company's chief financial officer and executive vice president, the coffee chain announced in a filing Tuesday.
The company said that Smith is joining Starbucks from Nordstrom Inc. $(JWN)$, where she has served as chief financial officer, executive vice president and treasurer since 2023.
Smith joins Starbucks in the middle of the company's turnaround plan under new Chief Executive Brian Niccol. Last month the company said it is cutting 1,100 support partner roles as part of an effort to streamline operations.
Read more: Nordstrom posts better-than-expected earnings ahead of going-private transaction
On Tuesday Starbucks also announced that Rachel Ruggeri would no longer serve as the company's CFO, executive vice president, principal financial officer and principal accounting officer. Ruggeri's separation from the company meets the conditions of the "without cause" provisions of Starbucks' executive severance and change-in-control plan, the company said in the filing.
Starbucks veteran Ruggeri, who is the company's former senior vice president for the Americas, became CFO in 2021.
(This is a developing news story with updates to come.)
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March 04, 2025 09:28 ET (14:28 GMT)
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