The top financial executive comes to the coffee giant from Hyatt Hotels.

Share story

As Starbucks undertakes a corporate reorganization, it has filled one key senior leadership position, appointing Patrick Grismer chief financial officer.

Grismer replaces Scott Maw, whose retirement was announced in June, hard on the heels of a lowered profit forecast.

The 56-year-old Grismer comes to Starbucks from Hyatt Hotels, where he was CFO for the last 2 1/2 years. Before that, Grismer was an executive with Yum Brands — the owner of KFC, Pizza Hut and Taco Bell — and The Walt Disney Co.

Grismer is scheduled to become Starbucks CFO on Nov. 30, at which point Maw will retire. Maw, who was appointed CFO in February 2014, will have the role of senior consultant through March 2019. Maw’s total compensation in Starbucks’ last fiscal year was nearly $5.8 million, including salary, stock awards and options and other compensation.

Meanwhile, Starbucks is conducting a role-by-role review of its corporate organization and expects to lay off an undetermined number of employees at its corporate headquarters.