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Starbucks Corporation (NASDAQ:SBUX) announced the appointment of Cathy R. Smith as its new executive vice president and chief financial officer.
She will also serve as the company’s principal financial officer and principal accounting officer, with the effective date yet to be determined.
The company also announced that Rachel Ruggeri would no longer serve as its executive vice president, chief financial officer and principal financial officer and principal accounting officer, effective, in each case, as of a date to be determined.
Ms. Smith’s hiring follows an extensive career in various executive financial roles, most recently as the CFO of Nordstrom Inc (NYSE:JWN), where she worked since 2023.
She has previously held high-ranking financial roles at companies such as Target Corporation, Express Scripts, and Walmart Inc.
Her experience extends to other major companies, including GameStop Corp, Centex, Kennametal, Textron, and Raytheon, where she began her career in 1986.
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In addition, Ms. Smith serves on the board of directors for PPG Industries and Baxter International. Smith holds an undergraduate degree from the University of California, Santa Barbara, and an MBA from the University of Southern California.
As part of her appointment, Starbucks will compensate Ms. Smith with a $925,000 annual base salary and a 125% cash incentive target based on her salary, prorated for fiscal year 2025.
According to a regulatory filing, Ms. Smith will forfeit approximately $15 million in cash incentive and equity awards in connection with her departure from her prior employer.
To join Starbucks, Ms. Smith will receive a cash signing bonus of $5 million and will also receive a replacement equity grant with a target value of $6.40 million. Further, Ms. Smith will receive a fiscal year 2025 annual equity award with a target value of $4.50 million.
The announcement comes as Starbucks is making major organizational adjustments through its “Back to Starbucks” initiative, designed to optimize operations and position the business for future expansion.
Last week, the company said it would eliminate 1,100 support roles, along with several hundred additional unfilled positions.
Recently, Starbucks reported first-quarter revenue of $9.4 billion and earnings of 69 cents per share, both well above the consensus estimate.
Price Action: SBUX shares are trading lower by 1.88% at $113.24 at last check Tuesday.
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