INTERNATIONAL – Starbucks on Monday named Patrick Grismer as its new chief financial officer, marking another leadership change at the company in the past year as it battles intense competition in a cooling US coffee market.
Grismer replaces Scott Maw, who is leaving just months after executive chairperson and former chief executive Howard Schultz stepped aside from the company after building the chain into a global powerhouse in his four decades with Starbucks.
Battling heavy competition from rivals, including high-end coffee shops and affordable fast-food chains, the company in a memo last month said that it would undertake an organizational restructuring that would see leadership changes, job losses and role expansions.
Grismer, currently serving as the chief financial officer of Hyatt Hotels, will join Starbucks on November 12 and will take the role of chief financial Officer after Maw retires on November 30, Starbucks said in a statement.
“As a seasoned chief financial officer of multiple global, consumer-facing growth companies, (Patrick) brings tremendous finance expertise, a customer-centric mindset and a wealth of restaurant industry experience to Starbucks,” Starbucks chief executive Kevin Johnson said in the statement.
Prior to joining Hyatt, Grismer has held several financial and strategy roles at companies, including KFC and Pizza Hut restaurants owner Yum Brands and The Walt Disney, Starbucks said.
Maw, who has been chief financial officer since February 2014, will remain a senior consultant through March 2019 to ensure a smooth transition, the company said.