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Starbucks names Hyatt executive Patrick Grismer as its new CFO

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Starbucks Corp on Monday named Patrick Grismer as its new chief financial officer, marking another leadership change at the company in the past year as it battles intense competition in a cooling US coffee market.

[BeNGALURU] Starbucks Corp on Monday named Patrick Grismer as its new chief financial officer, marking another leadership change at the company in the past year as it battles intense competition in a cooling US coffee market.

Grismer replaces Scott Maw, who is leaving just months after Executive Chairman and former Chief Executive Officer Howard Schultz stepped aside from the company after building the chain into a global powerhouse in his four decades with Starbucks.

Battling heavy competition from rivals, including high-end coffee shops and affordable fast-food chains, the company in a memo last month said that it would undertake an organizational restructuring that would see leadership changes, job losses and role expansions.

Mr Grismer, currently serving as CFO of Hyatt Hotels Corp , will join Starbucks on Nov 12 and will take the role of CFO after Mr Maw retires on Nov 30, Starbucks said in a statement.

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"As a seasoned CFO of multiple global, consumer-facing growth companies, (Patrick) brings tremendous finance expertise, a customer-centric mindset and a wealth of restaurant industry experience to Starbucks," Starbucks CEO Kevin Johnson said in the statement.

Prior to joining Hyatt, Mr Grismer has held several financial and strategy roles at companies, including KFC and Pizza Hut restaurants owner Yum Brands Inc and The Walt Disney Co, Starbucks said.

Mr Maw, who has been CFO since Feb 2014, will remain a senior consultant through March 2019 to ensure a smooth transition, the company said.

REUTERS