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Fortune

Sheryl Estrada

EXPLAINED: How starbucks new cfo can help bring back its competitive edge | Vintage Vibes

Starbucks Cathy Smith Nordstrom Brian Niccol Rachel Ruggeri

Cathy Smith (Credit: Courtesy of Cathy Smith)

Good morning. Amid its turnaround push, Starbucks Corporation has poached one of the best CFOs in retail.

The coffee house chain, (No. 116) in the Fortune 500, announced on Tuesday that Cathy R. Smith, currently CFO at retailer Nordstrom Inc., will succeed Rachel Ruggeri, finance chief since 2021, and an almost 20-year Starbucks veteran, who is leaving the company. Ruggeri's separation from the company is “without cause,” Starbucks said in an SEC filing, and she will stay on to assist with the transition. Smith will join Starbucks in the next month, CEO Brian Niccol said in a letter to Starbucks staff.

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