Starbucks has named Cathy Smith as its new CFO, replacing the departing Rachel Ruggeri in the latest leadership change at the coffee retailer since September 2024, when Brian Niccol joined the company as CEO.
The previous CEO, Laxman Narasimhan, stepped down in August 2024 after less than two years on the job. Tressie Lieberman, who had worked with Niccol at his former company, Chipotle, joined Starbucks as Global Chief Marketing Officer in October 2024, and in January 2025, Mike Grams and Meredith Sandland were named EVP, North American Chief Stores Officer and EVP, Chief Store Development Officer, respectively.
Starbucks Tackles a Challenging Business Environment
Soon after Niccol joined the company, he said that Starbucks would focus on improving customer service in its U.S. stores, and he provided details on the Back to Starbucks revitalization plan in November 2024. For the past year, the retailer has been navigating a challenging business climate: for Q1 of its 2025 fiscal year, which ended Dec. 29, 2024, Starbucks had revenues of $7.07 billion, down 1% from the $7.12 billion generated during the same period the previous year. Comparable store sales declined 4% during this period. Additionally, last month Starbucks cut 1,100 support positions and several hundred additional jobs.
Ruggeri has been with Starbucks for over two decades and served as interim CEO during the transition period from former CEO Narasimhan to Niccol, and she will remain with the company to assist with the transition. Smith has held CFO roles at leading retailers including Nordstrom, Target and Walmart International. “Cathy brings incredible knowledge and extensive experience in retail, global operations and turnaround success,” said Niccol in a letter.
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