Summary
Starbucks Corporation (SBUX) has filed an 8-K/A amendment to report a significant change in its financial leadership. Effective March 7, 2025, Sarah Ruggeri will step down from her roles as Executive Vice President, Chief Financial Officer (CFO), Principal Financial Officer, and Principal Accounting Officer. This change is part of a planned transition to bring in a new executive. To ensure continuity, Val Bauduin, currently Senior Vice President of North America Finance, has been appointed as the interim CFO, Principal Financial Officer, and Principal Accounting Officer, effective immediately and serving until the anticipated start date of Ms. Smith on March 24, 2025. Mr. Bauduin will retain his current responsibilities during this interim period, with no change to his compensation. The company has also announced the appointment of Ms. Smith as the permanent Executive Vice President, CFO, Principal Financial Officer, and Principal Accounting Officer, effective March 24, 2025.
Key Highlights
- 1Starbucks appoints Ms. Smith as the new Executive Vice President, Chief Financial Officer (CFO), Principal Financial Officer, and Principal Accounting Officer, effective March 24, 2025.
- 2Sarah Ruggeri is stepping down from her CFO and related officer roles effective March 7, 2025.
- 3Val Bauduin has been appointed as interim CFO, Principal Financial Officer, and Principal Accounting Officer, effective March 7, 2025, until Ms. Smith's start date.
- 4Mr. Bauduin will continue in his current role as Senior Vice President, North America Finance during his interim CFO tenure.
- 5Mr. Bauduin's compensation will remain unchanged during his service as interim CFO.
- 6Ms. Ruggeri will assist with the CFO transition through March 28, 2025.
- 7The filing provides background information on Mr. Bauduin's extensive experience in finance and accounting, including roles at Marriott International and Deloitte & Touche LLP.