March 26, 2024

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Business is my step

Starbucks Announces Chief Financial Officer Succession

5 min read

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Starbucks Company (NASDAQ: SBUX) right now declared that just after a additional than 35-calendar year occupation in finance, Patrick Grismer has resolved to retire from his posture as government vice president and chief money officer (cfo) of the Company productive February 1, 2021. Rachel Ruggeri, senior vice president of Finance, Americas and a 16-yr Starbucks partner, will realize success Grismer as govt vice president and cfo, powerful February 1, 2021. Ruggeri will report to Kevin Johnson, Starbucks president and chief government officer. Grismer will continue to be with the company as an advisor to Johnson via Could 2, 2021, to make certain a smooth changeover.&#13

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“I want to thank Pat for his management and his lots of contributions to Starbucks by way of this period of unparalleled improve and transformative growth. He has played an important job assisting the firm produce on our Expansion at Scale agenda when building a sturdy finance team with deep knowledge, and I remain as assured as at any time in the long run of Starbucks,” mentioned Johnson. “On behalf of the Board of Directors and all Starbucks partners, I want to would like Pat all the very best as he enters the future chapter of his life.”&#13

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“It has been an honor to be a Starbucks spouse, and I am very pleased of the considerable progress we have built to travel our growth approach and unlock significant shareholder price in excess of the earlier two decades,” stated Grismer. “I believe Starbucks is working from a place of power, with a long runway of profitable development in advance. Rachel has long been a key member of our senior finance group, and I am self-assured that her expertise and potent leadership capabilities will enable to make certain that Starbucks carries on to push enhanced running general performance and disciplined execution of our Growth at Scale agenda.”&#13

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“It presents me good self confidence to know that Rachel, a long-time Starbucks colleague and a seasoned financial government, is stepping into this purpose,” reported Johnson. “Not only does she have a comprehensive comprehending of the food, beverage and retail sector and deep know-how of our enterprise, she is also passionate about the Starbucks model and is remarkably highly regarded by her colleagues throughout the corporation. I seem forward to working intently with Rachel in her new role to further fuel Starbucks results and push worth for all of our stakeholders by continuing to deliver steady and predictable revenue development and margin enlargement although investing in key strategic initiatives to assure we even more differentiate Starbucks place around time.”&#13

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Ruggeri has 28 many years of expertise in accounting, economic planning and analysis, and organization approach advancement. Doing the job closely with Grismer as senior vice president of Finance, Americas, Ruggeri is remarkably highly regarded by partners throughout the world-wide enterprise, main all elements of enterprise preparing and money functionality management, with a certain concentration on producing synergy and leveraging greatest procedures throughout the broader organization. She first joined Starbucks in 2001 as a member of the accounting crew, the place, in her first year, she assisted to start the first Starbucks Card, now the foundation of Starbucks business-leading electronic engagement system and a sizeable growth driver for the company.&#13
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Throughout her tenure at Starbucks, Ruggeri has held a wide variety of finance positions of growing obligation, including vice president of Company Financial Organizing and Examination, vice president of Finance in assist of the U.S. Company, and senior vice president of Finance for Worldwide Retail. In addition to her time at Starbucks, Ruggeri has held numerous economic management roles supporting social assistance corporations, and also inside the food and beverage market, including serving as Continental Mills’ chief economic officer.&#13

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Ruggeri retains a Bachelor of Arts diploma from the College of Puget Seem and a Grasp of Enterprise Administration diploma from Washington Point out College.&#13

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Advice for Fiscal 2021&#13

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Starbucks is reaffirming its assistance for Q1 and the total 12 months fiscal 2021 that was formerly delivered on October 29, 2020 and December 16, 2020. “Our all round company momentum continues to be optimistic, giving assurance that Starbucks will deliver financial outcomes in line with our prior steerage,” reported Grismer. “Through swift innovation and organizational agility, we have constructed a new stage of resilience and accelerated the transformation of our enterprise to push our restoration and establish a solid basis for ongoing financially rewarding expansion.”&#13

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About Starbucks&#13
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Given that 1971, Starbucks Espresso Corporation has been committed to ethically sourcing and roasting substantial-good quality arabica coffee. Today, with practically 33,000 shops all over the world, the company is the premier roaster and retailer of specialty coffee in the earth. By way of our unwavering commitment to excellence and our guiding principles, we convey the special Starbucks Working experience to existence for every consumer by way of each individual cup. To share in the expertise, remember to take a look at us in our suppliers or on the net at https://information.starbucks.com or www.starbucks.com.&#13

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Ahead-On the lookout Statements&#13

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Particular statements contained herein and in this press release are “ahead-looking” statements in just the that means of the relevant securities regulations and polices. Frequently, these statements can be discovered by the use of words this kind of as “consider,” “proceed,” “could,” “be expecting,” “could,” “predict,” “stay,” “should,” “will,” “would,” and equivalent expressions intended to determine forward-seeking statements, while not all ahead-hunting statements contain these identifying terms. These statements consist of statements relating to: the estimated financial effect linked to the outbreak of coronavirus illness (COVID-19) which include the outlook, assistance and projections for fiscal 2021 steering our capacity to go on continual small business advancement and restoration and our ability to arise from this world crisis and drive extensive-phrase growth. These ahead-on the lookout statements do not symbolize historical facts, are based mostly on at present offered functioning, financial and aggressive info and are topic to a number of sizeable challenges and uncertainties. Actual upcoming outcomes and developments may possibly differ materially based on a variety of things, together with, but not minimal to, the risks comprehensive in the organization filings with the Securities and Trade Fee, like the “Risk Factors” sections of Starbucks Yearly Report on Form 10-K for the fiscal year ended September 27, 2020. The organization assumes no obligation to update any of these forward-searching statements.&#13

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