Starbucks has named Cathy Smith as its new chief financial officer, replacing Rachel Ruggeri amid an ongoing executive shake-up. Smith, who previously served as Nordstrom’s CFO, will join the company next month, according to a letter from CEO Brian Niccol.
Niccol, who took over as CEO in September, has been restructuring Starbucks’ leadership in an effort to reverse declining coffee sales. Key departures during his tenure include the company’s North American CEO, North American president, chief supply officer, and the former board chair. Meanwhile, executives with ties to Niccol from his time at Chipotle and Yum Brands’ Taco Bell have joined the company.
Smith, 61, spent two years at Nordstrom, which recently announced a $6.25 billion deal to go private. She has held CFO roles at Bright Health Group, Target, Express Scripts, Walmart International, GameStop, Centex, Kennametal, Textron, and Raytheon.
Ruggeri, Starbucks’ CFO since 2021, has worked at the company since 2001 except for two brief stints elsewhere. Niccol thanked her for her contributions, stating in his letter, “I’m personally grateful for the partnership we’ve had over the last six months.” Starbucks confirmed in a regulatory filing that her departure is without cause. She will stay on temporarily to assist with Smith’s transition.
