Starbucks Hires Hyatt CFO to Replace Retiring Finance Executive

(Bloomberg) -- Starbucks Corp. named a new chief financial officer, Patrick Grismer, adding more stability during the coffee chain’s first year without visionary leader Howard Schultz.

Key Insights

  • Grismer, 56, brings to the company 25 years of consumer-facing company experience at large chains with major international presence. He joins from Hyatt Hotels Corp., where he was CFO. He’s also worked at Taco Bell-parent Yum! Brands Inc. and Walt Disney Co.
  • In June, former CFO Scott Maw announced plans to retire this year, which spooked investors already worried about stability after Schultz’ departure that same month.
  • Maw, 51, announced he’d be exiting the role a week after Starbucks said it was closing about 150 stores in the U.S. The world’s biggest coffee chain has been struggling with slower afternoon sales and a decline in its signature Frappuccino line.

Market Reaction

  • Starbucks shares were little changed at $55.77 in early trading Monday. The stock has declined 2.9 percent this year.

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