Starbucks names new CFO
Starbucks announced Patrick Grismer has been appointed Executive Vice President and Chief Financial Officer. Reporting to Kevin Johnson, Starbucks President and Chief Executive Officer, Grismer succeeds Scott Maw, who will retire on Nov. 30. Maw will remain a senior consultant through March 2019 to ensure a smooth transition, with Grismer joining the company on Nov. 12 and assuming the role of Chief Financial Officer on Nov. 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,” said Kevin Johnson, Starbucks President and Chief Executive Officer. “Pat will be a fantastic addition to the team, and I look forward to partnering with him as we continue to execute against our strategic priorities and drive strong financial performance.”
Grismer is an accomplished finance executive, bringing to Starbucks significant leadership experience at global, consumer-facing growth companies, including more than 25 years combined at Hyatt Hotels Corporation, Yum! Brands (parent company to KFC, Pizza Hut and Taco Bell) and The Walt Disney Company.
Grismer joins Starbucks from his current position as Chief Financial Officer of Hyatt, which he has held since joining the company in March 2016. In this role, he was responsible for all facets of the global finance function, as well as corporate strategy, asset management, construction, procurement and shared services.
“I am very excited to join Starbucks and feel privileged to be part of the team responsible for leading this iconic, global company. I have always admired the Starbucks brand and values, and I look forward to working with Kevin and the leadership team to help lead the company into its next phase of growth,” said Grismer.