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Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the soledad domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/richpeopletrades/public_html/wp-includes/functions.php on line 6131 Starbucks poaches Nordstrom CFO as executive shake-up continues – Rich People Trades
Starbucks announced Tuesday that Nordstrom CFO Cathy Smith will join the company as its new chief financial officer, replacing longtime veteran Rachel Ruggeri.
The executive change is the latest for Starbucks after Brian Niccol joined the company as chief executive in September with the goal of turning around slumping coffee sales.
So far, noteworthy departures during Niccol’s tenure have included the company’s North American CEO, North American president, chief supply officer and the former chair of the board. Meanwhile, many executives with ties to Niccol from his time leading Chipotle Mexican Grill and Yum Brands’ Taco Bell have joined the company.
Smith, 61, joins Starbucks after two years at Nordstrom, which is also based in Seattle and recently announced a $6.25 billion deal to go private. Throughout her decades-long career, Smith has also served as CFO for Bright Health Group, Target, Express Scripts, Walmart International, GameStop, Centex, Kennametal, Textron and Raytheon.
Smith is expected to start next month, Niccol wrote in a letter to employees.
Ruggeri has served as chief financial officer for Starbucks since 2021. Excluding two brief stints at other companies, she has worked at the coffee chain since 2001.
“I’m personally grateful for the partnership we’ve had over the last 6 months since I joined Starbucks,” Niccol said in the letter. “Thank you, Rachel, for all you have done for our business, our culture and our partners.”
Her departure is without cause, the company said in a regulatory filing. Ruggeri will stick around to help with Smith’s transition into the role, according to Niccol.
