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Starbucks Taps Rachel Ruggeri as Its Next Financial Chief

Starbucks promotes Rachel Ruggeri as its third chief financial officer in as many year.

Starbucks  (SBUX) - Get Starbucks Corporation Report promoted Rachel Ruggeri, senior vice president of finance for the Americas, to be the coffee chain's next chief financial officer.

Ruggeri, 51, will succeed Partick Grismer to become the company’s third finance chief in as many years, Bloomberg reported.

Effective Feb. 1, Ruggeri will report to Starbucks President and CEO Kevin Johnson.

"It gives me great confidence to know that Rachel, a long-time Starbucks colleague and a seasoned financial executive, is stepping into this role,” Johnson said in a statement.

Ruggeri joined Starbucks in 2001 in its accounting team.

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Grismer, who is retiring, will remain with the company as an advisor to Johnson through May 2 to ensure a smooth transition, Starbucks said.

The company also reaffirmed its previous guidance for the fiscal first quarter and for fiscal 2021.

“Our overall business momentum remains positive, providing confidence that Starbucks will deliver financial results in line with our previous guidance,” said Grismer.

“Through rapid innovation and organizational agility, we have built a new level of resilience and accelerated the transformation of our business to drive our recovery and establish a strong foundation for continued profitable growth," he added.

Shares of Starbucks were down 0.48% to $103.75 in trading Thursday.