Starbucks Corporation has announced the appointment of Patrick Grismer as its executive vice president and chief financial officer. Grismer succeeds Scott Maw, who’s due to retire on November 30th.
Grismer has decades of experience working as a finance executive at global, consumer-facing growth companies. He started as a management consultant at Price Waterhouse, and went on to serve in a number of roles over ten years at The Walt Disney Company, including vice president of business planning and development of The Disneyland Resort. He also held several leadership positions in his 14 years at Yum! Brands (parent company to KFC, Pizza Hut, and Taco Bell).
He comes to Starbucks from Hyatt, where he has been CFO since March 2016. As CFO of Hyatt Hotels Grismer was responsible for all facets of the global finance function, corporate strategy, asset management, construction, procurement, and shared services.
“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.”
Starbucks began as a Seattle-based coffee company in 1971 and has grown into one of the world’s most recognisable brands. “I am very excited to join Starbucks and feel privileged to be part of the team responsible for leading this iconic, global company,” said Grismer. “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.”
Grismer will join the company on November 12th, and Maw will remain a senior consultant through to March 2019. These steps will ensure the changeover goes smoothly.