Starbucks Executive Vice President and Chief Financial Officer Patrick “Pat” Grismer is pictured at the March 20, 2019 Shareholders’ Meeting in Seattle, Washington.
Jason Redmond | AFP | Getty Images
Starbucks said on Thursday that Rachel Ruggeri, senior vice president of finance for the U.S. division, will take over Pat Grismer, chief financial officer, when he retires on February 1st.
The coffee chain also reiterated its outlook for the first fiscal quarter of 2021 and the full annual forecast.
For the fiscal first quarter, the company plans adjusted earnings 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 on revenue of $ 28 billion to $ 29 billion.
Grismer will remain until May 2 as adviser to CEO Kevin Johnson to help with the transition. He took on the role of chief financial officer in 2018 after holding the same title at Hyatt.
Ruggeri started working at Starbucks 16 years ago as a member of the accounting team, which introduced the first Starbucks card. She has 28 years of experience.
Shares of Starbucks, which has a market value of $ 122 billion, were smooth in market trading. The share has risen by 18% in the past year.