Starbucks Executive Vice President and Chief Financial Officer Patrick “Pat” Grismer is pictured at the annual shareholders meeting in Seattle, Washington on March 20, 2019.
Jason Redmond | AFP | Getty Images
Starbucks said on Thursday that Rachel Ruggeri, senior vice president of finance for the Americas division, will take the place of Chief Financial Officer Pat Grismer when he retires on Feb. 1.
The coffee chain also reiterated its outlook for the first fiscal quarter of 2021 and the forecast for the full year.
For the fiscal first quarter, the company forecasts adjusted earnings of 50 cents to 55 cents per share. Throughout the fiscal year, Starbucks expects, after adjustments, to earn between $ 2.70 and $ 2.90 per share on sales of $ 28 billion to $ 29 billion.
Grismer will remain on as an advisor to CEO Kevin Johnson until May 2 to aid the transition. He assumed the role of Chief Financial Officer in 2018 following the same title at Hyatt.
Ruggeri started working at Starbucks 16 years ago as a member of the accounting team and helped launch the first Starbucks Card. She has 28 years of experience.
Starbucks shares, which have a market value of $ 122 billion, were stable in premarket trading. The stock has increased by 18% in the past year.