Starbucks names Hyatt chief accountant new CFO

Starbucks names Hyatt chief accountant new CFO

Mubasher: Starbucks on Monday said that it appointed Patrick Grismer as its new CFO replacing Scott Maw.

Grismer, the current CFO of Hyatt Hotels, would join Starbucks from 12 November, after Maw retires on 30 November, the coffee giant said in a statement.

CFO Maw, who served the coffeemaker since February, would remain a senior consultant through March 2019 to secure smooth transition, the company said.

Grismer has took several financial and strategy positions at companies, including KFC and Pizza Hut chain owner Yum Brands and The Walt Disney.

The announcement came two weeks after the coffee chain stated in an internal memo, that it was preparing for organisational restructuring that would changes to management, job cuts and role expansions.

Moreover, it also came amid a slew of challenges, including an easing US market and fierce competition from rivals, while implementing a huge growth project in China.