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Starbucks Appoints Nordstrom CFO Cathy Smith Amid C-Suite Reshuffle

Prime Highlights: 

Cathy Smith appointed as Starbucks’ new CFO, joining from Nordstrom, where she held the same position. 

Rachel Ruggeri, Starbucks’ outgoing CFO, steps down after four years in the role, having spent over 20 years with the company. 

Key Background: 

Starbucks Corp. has announced the appointment of Cathy Smith, former Chief Financial Officer (CFO) of Nordstrom Inc., to its executive team, marking a significant shift in the company’s leadership structure. This move is part of an ongoing transformation spearheaded by CEO Brian Niccol, who joined Starbucks in 2023. Smith, who will assume her new role at Starbucks next month, replaces Rachel Ruggeri, who served as CFO for four years. 

Ruggeri, a veteran of over 20 years at Starbucks, including a pivotal role as CFO since 2021, has decided to step down from her position. In a message to employees, CEO Niccol expressed appreciation for Ruggeri’s contributions, particularly her leadership during challenging periods. Niccol also mentioned that Ruggeri would assist with the transition process to ensure a smooth handover. 

Cathy Smith’s departure from Nordstrom comes after a two-year tenure at the retailer, where she was credited with enhancing the company’s financial resilience and flexibility. Nordstrom’s CEO, Erik Nordstrom, acknowledged Smith’s impactful leadership, thanking her for strengthening the company’s financial position while maintaining a focus on customer experience. Nordstrom has already initiated a search for Smith’s replacement. 

This move is the latest in a series of executive changes at Starbucks, as CEO Niccol continues to implement his strategy to revitalize the company’s financial performance. Recent appointments include Tressie Lieberman as Starbucks’ first Chief Global Brand Officer, Mike Grams as Chief Stores Officer, and Meredith Sandland as Chief Store Development Officer. Niccol also indicated that the company would soon announce a new Chief Supply Chain Officer. These strategic leadership changes underscore Starbucks’ commitment to strengthening its position in the competitive coffee industry.