Starbucks taps Hyatt's Patrick Grismer as new chief financial officer

Key Points
  • Patrick Grismer will become Starbucks new CFO and executive vice president, effective Nov. 30.
  • Grismer joins Starbucks from Hyatt, where he has been CFO since March 2016.
  • He succeeds Starbucks' Scott Maw, who is set to retire at the end of November after seven years with the company.
Starbucks names Patrick Grismer Chief Financial Officer.
Source: Starbucks

Starbucks tapped Hyatt Hotels Chief Financial Officer Patrick Grismer to replace retiring CFO Scott Maw, effective Nov. 30.

"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," Kevin Johnson, Starbucks president and chief executive officer, said in a statement Monday.

Grismer has more than 25 years of experience working for companies like Hyatt, Yum Brands and Disney. He began his career as a management consultant with Price Waterhouse. Maw, who's been with the company for seven years, will remain on as a consultant to Starbucks through March 2019.

Shares of Starbucks were up nearly 1 percent Monday morning, and are down more than 2 percent in the past year.