There’s a new Starbucks CFO (NASDAQ:SBUX) in Patrick Grismer as the company seeks to bring someone with experience to help fuel its turnaround efforts, which has largely consisted of new, wacky drinks and an expansion to the company’s loyalty rewards program.
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Here are six things to know about Grismer:
- He is the former Hyatt Hotels Chief Financial Officer.
- Grismer will be replacing retiring CFO Scott Maw in a move that will be in effect as of November 30.
- “As a seasoned CFO of multiple global, consumer-facing growth companies, Pat brings tremendous finance expertise, a customer-centric mindset and a wealth of restaurant industry experience to Starbucks,” Kevin Johnson, Starbucks president and CEO, said in a statement Monday.
- Grismer has been in the industry for more than 25 years, working for the likes of Hyatt, Yum Brands and Disney.
- His career first began nearly three decades ago as a management consultant with Price Waterhouse.
- The move means that Maw, who’s been with the company for seven years, will no longer be the company CFO. Nevertheless, Maw will remain with Starbucks as a consultant to the company through March 2019 in order to ease the transition for Grismer and the company.
SBUX stock was gaining more than 1.5% following the news that there is now a new Starbucks CFO in place.
