Starbucks Executive Vice President and Chief Financial Officer Patrick “Pat” Grismer is portrayed at the Annual Shareholders Meeting in Seattle, Washington, on March 20, 2019.
Jason Redmond | AFP | Getty Images
Starbucks said on Thursday that Rachel Ruggeri, senior vice president of finance for the Americas division, will replace CFO Pat Grismer when he retires on February 1.
The coffee chain also reiterated its outlook for the first fiscal quarter of 2021 and the forecast for the entire year.
For the first fiscal quarter, the company projects adjusted earnings from 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, with revenues of $ 28 billion to $ 29 billion.
Grismer will remain as a consultant to CEO Kevin Johnson until May 2 to assist with the transition. He took on the role of chief financial officer in 2018, after holding the same position at Hyatt.
Ruggeri started working at Starbucks 16 years ago as a member of the accounting team, helping to launch the first Starbucks card. She has 28 years of experience.
Starbucks shares, which have a market value of $ 122 billion, were stable in the pre-market. The shares rose 18% in the last year.