Starbucks Taps Cathy Smith as New CFO Amid Leadership Shakeup
1min read Starbucks has appointed Cathy Smith as its new chief financial officer (CFO), marking the latest move in the company's ongoing leadership overhaul. Smith, who previously served as the CFO of Express Scripts, will replace outgoing CFO Scott Maw, who announced his departure in January.
Smith brings extensive financial experience to starbucks, having served in various leadership roles at companies such as Express Scripts, Walgreens, and PepsiCo. Her appointment comes at a critical time for the coffee chain, as it continues to navigate the challenges posed by the COVID-19 pandemic and seeks to accelerate its growth and transformation initiatives.
In a statement, Starbucks CEO Kevin Johnson praised Smith's appointment, saying, "Cathy's deep financial expertise and proven leadership make her an excellent fit for Starbucks. Her experience in driving strategic growth and operational excellence will be invaluable as we continue to execute our growth agenda and deliver long-term shareholder value."
Smith's appointment is part of a broader leadership shakeup at Starbucks, which has seen several high-profile executives depart in recent months. In January, the company announced that Maw would be stepping down as CFO, and in December, it was revealed that John Culver, the head of international operations, would be leaving the company.
The leadership changes come as Starbucks seeks to adapt to a rapidly changing retail landscape and accelerate its growth in the face of intense competition. The company has been focusing on expanding its digital capabilities, enhancing its loyalty program, and investing in new growth platforms, such as delivery and mobile ordering.
Smith's appointment as CFO is expected to help Starbucks continue its transformation and drive long-term growth. Her experience in strategic planning and financial management will be crucial as the company navigates the challenges and opportunities that lie ahead.
