Starbucks executive vice president and chief financial officer Patrick “Pat” Grismer appears 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 America division, will take over from chief financial officer Pat Grismer when he retires Feb. 1.
The coffee chain also reiterated its outlook for the first fiscal quarter of 2021 and the year-round forecast.
For the first fiscal quarter, the company projects adjusted profits 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, in revenue of $ 28 billion to $ 29 billion.
Grismer will continue to be CEO Kevin Johnson’s advisor until May 2 to help with the transition. He took on 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 to launch the first Starbucks card. He has 28 years of experience.
Shares of Starbucks, which has a market value of $ 122 billion, were flat in premarket trading. Shares have risen 18% over the past year.