01—Abstract
Summary
Summary of the 8-K/A filed March 7, 2025. Cited figures are marked; the original filing is the authoritative source.
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.
02—Key points
Key Highlights
- Starbucks appoints Ms. Smith as the new Executive Vice President, Chief Financial Officer (CFO), Principal Financial Officer, and Principal Accounting Officer, effective March 24, 2025.
- Sarah Ruggeri is stepping down from her CFO and related officer roles effective March 7, 2025.
- Val Bauduin has been appointed as interim CFO, Principal Financial Officer, and Principal Accounting Officer, effective March 7, 2025, until Ms. Smith's start date.
- Mr. Bauduin will continue in his current role as Senior Vice President, North America Finance during his interim CFO tenure.
- Mr. Bauduin's compensation will remain unchanged during his service as interim CFO.
- Ms. Ruggeri will assist with the CFO transition through March 28, 2025.
- The filing provides background information on Mr. Bauduin's extensive experience in finance and accounting, including roles at Marriott International and Deloitte & Touche LLP.
03—Questions
Frequently Asked Questions
Who is replacing Sarah Ruggeri as CFO?
Ms. Sarah Ruggeri is being succeeded by Ms. Smith as Executive Vice President, Chief Financial Officer, Principal Financial Officer, and Principal Accounting Officer, effective March 24, 2025. In the interim, Mr. Val Bauduin will serve in these capacities.
What is the effective date for the new CFO, Ms. Smith?
Ms. Smith's appointment as Executive Vice President, Chief Financial Officer, Principal Financial Officer, and Principal Accounting Officer is effective March 24, 2025.
Who is Val Bauduin and what is his role during the transition?
Val Bauduin is currently the Senior Vice President of North America Finance. He has been appointed as the interim Chief Financial Officer, Principal Financial Officer, and Principal Accounting Officer, effective March 7, 2025, until Ms. Smith officially takes over on March 24, 2025. He will continue his current role concurrently, and his compensation will not change.
Will there be any change in compensation for the interim CFO, Val Bauduin?
No, the filing explicitly states that Mr. Bauduin's compensation will remain unchanged while he serves as the interim Chief Financial Officer.
04—Continue