Starbucks has appointed Patrick Grismer EVP and CFO to replace Scott Maw, who is retiring Nov. 30. Grismer will join the company on Nov. 12 and assume the role of CFO on Nov. 30. To help with the transition, Maw will remain in a senior consultant role through March 2019. Maw joined Starbucks in 2011 as global controller and was named CFO in February 2014.
Battling heavy competition from rivals, with Coffee Bean and Tea Leaf planning to open 100 NYC stores and Coca-Cola acquiring Costa Coffee for $5.1 billion, Starbucks revealed last month that it would undergo an organizational restructuring that would include leadership changes, job losses and role expansions.
Grismer joins Starbucks from his current position as CFO of Hyatt Hotels Corporation, his title since joining the company in March 2016. In this role he was responsible for all facets of the company’s global finance functions as well as corporate strategy, asset management, construction, procurement and shared services.
Prior to Hyatt, Grismer held a variety of leadership positions at Yum! Brands over 14 years, including CFO. Before Yum! Brands, Grismer served in various finance and strategy positions at The Walt Disney Company over a 10-year period, including VP of Business Planning and Development for The Disneyland Resort.