Starbucks announces latest executive shake-up with new Chief Financial Officer

Smith has executive experience working for US retail giants Target and Walmart | Photo credit: Photos by Rugeen

Starbucks has announced that its Chief Financial Officer Rachel Ruggeri is stepping down and will be succeeded by Nordstrom executive Cathy Smith. 
 

The US coffee chain said Smith will take up the post in April 2025 and that Ruggeri will ‘spend some time assisting with the transition’. 

Smith joins Starbucks from US luxury department store chain Nordstrom, where she has served as Chief Financial Officer since 2023. She previously held similar positions at US retail giants Target and Walmart. 

“Cathy brings incredible knowledge and extensive experience in retail, global operations, and turnaround success. I’m excited to partner with her as we continue our work on the Back to Starbucks plan,” Starbucks CEO Brian Niccol wrote in a letter to staff. 

Niccol, who joined Starbucks in September 2024, also said in the letter that Ruggeri had helped lead the business with ‘integrity, a focus on results and a strong belief in the importance of our culture’.  

“I know Rachel has helped the company navigate through some of the most challenging times and played a key role in some of our biggest successes. Rachel was always a steady hand, a clear thinker and often the voice that reminded us of the clarity we get from our mission, and our values,” he wrote.  

Ruggeri joined Starbucks as Director of Finance in August 2001 and has held several senior roles over the last two decades, including Vice President of Finance for its US business and Senior Vice President Finance, Global Retail. She was appointed Chief Financial Officer in February 2021 and briefly served as Interim CEO before Niccol joined the business in September 2024. 

The announcement follows several key leadership departures at the US coffee giant since Niccol became CEO as he seeks to turn a corner on stalled earnings growth by boosting efficiency, speeding up decision making and improving customer experience.  

North America CEO Michael Conway retired just a week after Niccol joined the Seattle-based coffee chain, with his departure followed by the resignations of Chief Sustainability Officer Michael Kobori and North America President Sarah Trilling. 

Additionally, Lead Independent Director Mellody Hobson and Starbucks China Chairwoman Belinda Wong each announced their retirements in 2025, with Starbucks Japan CEO Takafumi Minaguchi also stepping down in April 2025. 

In February 2025, Niccol confirmed plans to cut 1,100 corporate jobs globally as part of a support staff team restructure.