Starbucks names Nordstrom's Cathy Smith as CFO amid turnaround

Starbucks named Nordstrom's Cathy Smith as its finance chief on Tuesday, hiring a retail industry veteran to aid chief executive Brian Niccol's efforts to turn around the coffee giant.

Smith will join after leading the finance operations at department store chain Nordstrom for about two years. Prior to that, Smith was the chief finance officer at big-box retailer Target for five years.

Smith replaces Rachel Ruggeri, who had been with Starbucks for a little over 20 years and became the CFO in 2021.

Niccol, who was hired from Chipotle last year, has put in place the "Back to Starbucks" plan that is focused on streamlining business through job cuts and by improving customer experience at its US stores.

Earlier this year, Niccol appointed chief operating officer of Taco Bell, Mike Grams, to the newly created role of North America chief stores officer.