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Starbucks names Hyatt's Patrick Grismer as new CFO

Starbucks Corp. appointed Patrick Grismer as its new executive vice president and CFO, the global coffee giant announced Oct. 8.

Grismer will join Starbucks on Nov. 12 to replace retiring CFO Scott Maw, who announced his departure plans in June. Grismer will assume the CFO role Nov. 30, while Maw will remain a senior consultant through March 2019 to ensure a smooth transition, Starbucks said in a news release.

Grismer will resign as CFO of Hyatt Hotels Corp., a role he has held since March 2016. Before joining Hyatt he held a variety of positions during 14 years, including CFO at YUM! Brands Inc. and several finance and strategy roles for Walt Disney Co., Starbucks said.

"As a seasoned CFO of multiple global, consumer-facing growth companies, Pat brings tremendous finance expertise, a customer-centric mindset and a wealth of restaurant industry experience to Starbucks," Starbucks President and CEO Kevin Johnson said in a news release from the company.

The announcement follows Colman Cuff's resignation as managing director of Starbucks' coffee-trading arm at the end of July.

The Seattle-based coffee chain also issued a memo to employees in September detailing plans to reorganize the company and make leadership changes, including layoffs, to improve the business.