Starbucks CFO Rachel Ruggeri is exiting stage left as CEO Brian Niccol continues to shake up the company.
On Tuesday, Niccol shared that 20-year veteran Ruggeri plans to leave the company in a letter to employees. While no end date was specified, Ruggeri will stay on in the near term to help with the transition.
Taking her spot is retail veteran Cathy Smith, who has been Nordstrom's CFO since 2023 and previously served as CFO for Target and Walmart International.
This is the latest C-Suite change following Niccol taking the helm on Sept.9.
Ruggeri served as interim CEO following the departure of previous CEO Laxman Narasimhan.
Earlier in 2025, Starbucks named longtime Taco Bell executive Mike Grams as chief stores officer and former Taco Bell executive Meredith Sandland as chief store development officer. Most recently, Sandland served as CEO of delivery meal company Empower Delivery.
With that announcement, Sara Trilling, who served as president of Starbucks North America, left the company. Arthur Valdez, who served as chief supply and customer solutions officer, also stepped down.
Last fall, he tapped Tressie Lieberman as Global Chief Brand Officer while Starbucks North America CEO Michael Conway, 58, announced plans to retire.
The new executives will be playing a role in Niccol's "Back to Starbucks" plan.
In the latest quarter results, Niccol told investors on an earnings call that "the first quarter in 2025 results met our expectations, clearly show[ed] some signs of progress ... we still have much work to do."
He added the company saw a positive response across all ages in its "Back to Starbucks" plan, which calls for a focus on core coffee products, better pricing, and faster service.
Revenue was flat year over year at $9.4 billion, versus estimates of $9.32 billion. Earnings per share of $0.69 were a 23% drop compared to the same quarter a year ago, but higher than the $0.66 expected. The company alluded to "heightened investments" for Niccol's turnaround plan as part of the reason for the earnings decline.
Global same-store sales and foot traffic declined 4% and 6%, respectively, the fourth straight quarter of such decline. The average ticket size grew 3%.
North America and US same-store sales fell 4% year over year, while foot traffic dropped 8%, partially offset by a 4% jump in average ticket.
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Brooke DiPalma is a senior reporter for chof360 Finance. Follow her on Twitter at @BrookeDiPalma or email her at [email protected].
