Starbucks is appointing Rachel Ruggeri, the company’s senior vice president of finance for the Americas division, as its new chief financial officer. Ruggeri began working at Starbucks 16 years ago as a member of the accounting team and helped launch the first Starbucks Card.
She will be replacing Pat Grismer, who previously worked for Hyatt in the same position and was hired by Starbucks in 2018. Grismer plans to stay on as an advisor to CEO Kevin Johnson till May 2 to support the transition, according to CNBC.
In its announcement, the company reaffirmed its outlook for Q1 2021 and the rest of the year. The company projects adjusted earnings of 50 cents to 55 cents per share in Q1. For the rest of the financial year, the company is projecting adjusted earnings of $2.70 to $2.90 per share, on revenue of $28 billion to $29 billion.
Starbucks has a current market valuation of $122 billion. The company has seen its stock rise by 18 percent over the last year.