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Starbucks
Corp.
SBUX 0.61%
appointed Patrick Grismer to the position of CFO, diverting him from the same position to
Hyatt hotels
Corp.
H -0.01%
Grismer will take up his position as Chief Financial Officer at Starbucks in Seattle on November 30 when his current CFO, Scott Maw, will retire.
Mr. Grismer was appointed CFO at Hyatt in March 2016. He also worked for Yum! Brands Inc. and
Walt Disney
Co.
, according to a Monday statement from Starbucks.
He joins Starbucks as the company struggles to meet investors' growth expectations and satisfy the changing tastes of consumers. The chain closed some stores in the United States and raised prices to contribute to revenue growth.
In July, the company reduced its growth forecast of comparable worldwide sales to less than 3% during its fiscal year, from 3% to 5%. He also tries to replenish Frappuccino, which contains a lot of sugar, because customers are looking for more health-conscious drinks.
Mr. Maw, a Starbucks employee for seven years, has been Chief Financial Officer of the company since February 2014.
Hyatt, meanwhile, announced on Monday that he was encouraging Joan Bottarini, currently senior vice president of finance for the Americas of the hotel company, to lead his finance efforts. She will start as Hyatt CFO when Grismer leaves Hyatt on November 2nd.
Ms. Bottarini has been with Hyatt since 1999, holding various financial positions for the company, including vice president of hotel finance for the Asia-Pacific region and strategic financial planning, according to Hyatt.
Meanwhile, Hyatt announced Monday that it would disburse $ 480 million to acquire Two Roads Hospitality, which operates 85 facilities in eight countries.
Write to Micah Maidenberg at [email protected]
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