Starbucks Executive Vice President and Chief Financial Officer Patrick “Pat” Grismer is presented at the annual shareholders’ meeting in Seattle, Washington, on March 20, 2019.
Jason Redmond | AFP | Getty Images
Starbucks said Thursday that Rachel Ruggeri, senior vice president of finance for the Americas division, will take over from chief financial officer Pat Grismer when he retires on Feb. 1.
The coffee chain also reiterated its outlook for the first fiscal quarter of 2021 and the forecast for the full year.
For the first fiscal quarter, the company projects adjusted earnings of 50 cents to 55 cents per share. Throughout the fiscal year, Starbucks expects to earn between $ 2.70 and $ 2.90 per share, after adjustments, from $ 28 billion to $ 29 billion in revenue.
Grismer will remain as an adviser to CEO Kevin Johnson until May 2 to help with the transition. He assumed the role of CFO in 2018, after holding the same title at Hyatt.
Ruggeri began working at Starbucks 16 years ago as a member of the accounting team, helping launch the first Starbucks card. He has 28 years of experience.
Starbucks shares, which have a market value of $ 122 billion, were fixed in premarket trading. The stock has increased by 18% in the last year.