Starbucks Announces Big Changes at the Top
Starbucks Corp. (NASDAQ: SBUX) shares didn’t react much despite the coffee giant announcing a big change at the top. The company is appointing a new chief financial officer, who will be taking over at the end of November.
Patrick Grismer has been chosen to be executive vice president and CFO. Reporting to Kevin Johnson, Starbucks president and CEO, Grismer will succeed Scott Maw, who retires on November 30.
Maw will remain a senior consultant through March 2019 to ensure a smooth transition, with Grismer joining the company on November 12 and assuming the role of CFO on November 30.
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, Yum! Brands (parent company to KFC, Pizza Hut and Taco Bell) and Disney.
Overall, Starbucks has underperformed the broad markets, with the stock up about 2% in the past 52 weeks. In just 2018 alone, the stock is down close to 3%.
Starbucks CEO Johnson commented:
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. 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.
Shares of Starbucks were last seen at $55.78, with a consensus analyst price target of $57.96 and a 52-week trading range of $47.37 to $61.94.