Starbucks has announced that CFO Rachel Ruggeri will be leaving the company after a 20-year tenure, citing a short transition period to ensure continuity. Her departure is part of a series of C-suite changes under CEO Brian Niccol’s leadership, aiming to revamp the company.
Ruggeri will be replaced by Cathy Smith, a seasoned retail executive with experience at Nordstrom and Target. The move comes as part of Niccol’s efforts to focus on core coffee products and customer experience through the “Back to Starbucks” plan. Although some progress has been seen in customers’ response, quarterly results showed mixed signs, including flat revenue, declining earnings per share, and same-store sales.
Analysts have a Moderate Buy consensus rating for SBUX stock, based on 15 Buys, five Holds, and one Sell, over the past three months. The average price target of $111.20 per share implies a 2% downside risk following a 27% year-over-year rally in its share price.
Source: https://www.tipranks.com/news/starbucks-sbux-annouces-the-departure-of-its-cfo