Starbucks named a new chief financial officer on Tuesday as part of a larger turnaround strategy.
Cathy Smith, who has been Nordstrom’s CFO since 2023, will join Starbucks in the next month, Starbucks Chairman and CEO Brian Niccol said in a letter to employees. Smith previously served as the chief financial officer of Target and Walmart International.
Smith will replace Rachel Ruggeri, who is leaving the company. Niccol said Smith brings extensive experience in retail, global operations and corporate turnarounds.
Ruggeri will stay at Starbucks for a period of time to assist with the transition, he said..
“Over her nearly 20 years at Starbucks, Rachel has held many important roles, always leading with integrity, a focus on results and a strong belief in the importance of our culture,” Niccol wrote.
He said Smith brings extensive experience in retail, global operations and corporate turnarounds.
Niccol is trying to reinvigorate Starbucks' sluggish sales with faster service times, a less complicated menu and others moves he says are intended to restore a community coffeehouse feel to the company's stores.
In January, the company reversed its open-door policy and said only customers who bought something would be allowed to hang out or use the restroom at a local Starbucks.
Niccol, who joined Starbucks last fall, also has been reshaping the company’s executive ranks in an effort to streamline decision-making and make leadership more accountable. In January, the president of Starbucks’ North America division stepped down after her job was split into two; Starbucks now has one executive in charge of existing stores and another in charge of store development.
Late last month, Niccol announced a plan to lay off 1,100 corporate employees globally.
Berkshire Hathaway revealed four new investments Thursday in steelmaker Nucor, insurer UnitedHealth and two of the nation’s biggest homebuilders.
Shoppers spent at a healthy pace in July, particularly at the nation’s auto dealerships, as they appear to shrug off President Donald Trump’s tariffs, which are starting to take a toll on jobs and lead to some price increases.
The U.S. stock market is climbing toward records after data suggested inflation across the country was a touch better last month than economists expected.
Stocks are rising on Wall Street, keeping the market on track for its third weekly gain in the last four and possibly more record highs. The S&P 500 was up 0.8% in afternoon trading Friday. The Dow Jones Industrial Average added 243 points, or 0.6%, and the Nasdaq added 1% to the all-time high it set a day earlier. Expedia and Gilead Sciences both rose sharply after reporting results that easily beat analysts' forecasts. Both companies also raised their outlooks. Asian markets closed mostly lower except in Tokyo, where the Nikkei rose 1.9%. European markets were mixed. Treasury yields were higher.
Millions of Americans saving for retirement through 401(k) accounts could have the option of putting their money in higher-risk private equity and cryptocurrency investments.
Wall Street is rising, led by a rally for Apple. The S&P 500 climbed 0.7% Wednesday.
U.S. stocks are rallying to recover most of their sharp loss from Friday's wipeout.
A new poll finds the vast majority of U.S. adults are feeling some stress about the cost of groceries.
Stocks fell on Wall Street and Treasury yields are falling sharply after the government reported a sharp slowdown in hiring last month.
U.S. stock indexes are drifting after the Federal Reserve decided to keep interest rates where they are. The S&P 500 edged up by 0.2% Wednesday, coming off its first loss after setting all-time highs for six successive days.
