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Rachel Ruggeri

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Starbucks Enters New Era of Growth Driven by 3-Year Reinvention Plan

by Katie Lee

Seattle — At Starbucks’ recent biennial Investor Day in Seattle, interim CEO Howard Schultz, CFO Rachel Ruggeri and other Starbucks leaders showcased the company’s Reinvention plan, which aims to invest in partners, customers and stores. The plan is expected to accelerate the company’s long term growth, progressively expand operating margin and drive high-teens non-GAAP EPS growth annually through fiscal 2025. “As we execute on our Reinvention plan, we are building on our 51-year history of market leading innovation to position our business and our brand for the next chapter of …

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Starbucks Commits $1 Billion to Invest in Employees and Store Experience

by Katie Lee

Seattle — Starbucks Corporation will make additional investments in its employees and stores for prioritized areas such as increased pay, more training and modernized collaboration, store innovation, etc. — bringing the total investments to nearly $1 billion in this fiscal year alone. This decision enables Starbucks to meet record customer demand and partner needs in an operating environment deeply impacted by COVID. On a call with investors, CEO Howard Schultz said, “What you will see is the transformation of the Starbucks customer and partner [employee] experiences. The transformation will accelerate …

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Newspeoplerestaurants

Starbucks Details CFO Succession Plan

by Katie Lee

Seattle — Starbucks Corporation has announced that, after a more than 35-year career in finance, Patrick Grismer has decided to retire from his position as executive vice president and chief financial officer (CFO), effective February 1, 2021. Rachel Ruggeri, senior vice president of finance, Americas, and a 16-year Starbucks partner, will succeed Grismer as executive vice president and CFO, effective February 1, 2021. Ruggeri will report to Kevin Johnson, Starbucks’ president and chief executive officer. Grismer will remain with the company as an advisor to Johnson through May 2, 2021, …

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