Shortreed and the Long John Silver’s leadership team have been charting a new course for the brand. The first phase of the plan, which focused on stabilization, began in 2019 and lasted throughout 2020. The second phase, which entails shifting the focus of the brand to revitalization and growth, is set to begin in earnest in 2021.
The leadership team and corporate structure were
reshaped, and new faces brought a wealth of quick service restaurant experience, decades of strategic development and plan execution, and expertise from a variety of disciplines. In addition to Shortreed’s rise to CEO, Stephanie Mattingly was promoted to chief marketing officer. Tom Burress entered as vice president of franchise operations, and Christopher Caudill advanced to vice president, marketing. Additionally, with a keen eye on changes in the consumer journey and experience, supplementary resources were added to support digital innovation and asset development. With a new team in place, fresh eyes soon took a hard look at the brand’s position within the greater marketplace. After taking stock of the company’s locations, it became clear it was time to right-size the fleet. Franchised and corporate restaurants no longer financially or operationally viable were allowed to close, enabling investments to be made in areas with more potential and promise for growth. “We’re moving the brand from surviving to thriving,”
Shortreed said. “We’re restructuring the business for growth; reinvesting in assets; strengthening training, development, marketing and technology; and focusing on giving our core consumer – and new customers – a better experience only Long John Silver’s can provide.”
Starbucks Corp. After a more than 35-year career in finance, Patrick
Grismer has retired from his position as executive vice president and CFO of Starbucks Corp. effective Feb. 1. Rachel Ruggeri, senior vice president of finance, Americas and a 16-year Starbucks partner, succeeded Grismer as executive vice president and CFO. Ruggeri will report to Kevin Johnson, Starbucks president and CEO. Grismer will remain with the company as an advisor to Johnson through May 2, to ensure a smooth transition. “I want to thank Pat for his leadership and his many contributions to Starbucks through this period of unprecedented change and transformative growth,” Johnson said. “He has played an important role helping the company deliver on our growth at scale agenda while building a strong finance team with deep expertise, and
I remain as confident as ever in the future of Starbucks. On behalf of the board of directors and all Starbucks partners, I want to wish Pat all the best as he enters the next chapter of his life.”
“It has been an honor to be a Starbucks partner, and
I am proud of the significant progress we have made to drive our growth strategy and unlock considerable shareholder value over the past two years,” Grismer said. “I believe Starbucks is operating from a position of strength, with a long runway of profitable growth ahead. Rachel has long been a key member of our senior finance team, and I am confident that her experience and strong leadership capabilities will help to ensure that Starbucks continues to drive improved operating performance and disciplined execution of our growth at scale agenda.” Ruggeri has 28 years of experience in accounting, financial planning and analysis, and business-process improvement. Working closely with Grismer as senior vice president of finance, Americas, Ruggeri is highly respected by partners across the global enterprise, leading all aspects of business planning and financial performance management, with a specific focus on creating synergy and leveraging best practices across the broader organization. She first joined Starbucks in 2001 as a member of the accounting team, where, in her first year, she helped to launch the first Starbucks Card, now the foundation of Starbucks industry-leading digital engagement platform and a significant growth driver for the company. During her tenure at Starbucks, Ruggeri has held a variety of finance positions of increasing responsibility, including vice president of corporate financial planning and analysis, vice president of finance in support of the U.S. business, and senior vice president of finance for global retail. In addition to her time at Starbucks, Ruggeri has held several financial leadership roles supporting social service organizations, and also within the food and beverage industry, including serving as Continental Mills’ CFO.
“It gives me great confidence to know that Rachel, a long-time Starbucks colleague and a seasoned financial executive, is stepping into this role,” Johnson said. “Not only does she have a comprehensive understanding of the food, beverage and retail industry and deep knowledge of our business, she is also passionate about the Starbucks brand and is highly respected by her colleagues across the organization. I look forward to working closely with Rachel in her new role to further fuel Starbucks success and drive value for all of our stakeholders by continuing to deliver consistent and predictable sales growth and
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