Starbucks Taps CFO for Interim CEO in Midst of Leadership Shift
Ruggeri’s primary challenge, therefore, will be to help maintain stability during her short tenure in the company’s CEO seat, Shawn Cole, president of boutique executive search firm Cowen Partners said.
She will “also play a pivotal role in crisis management, ensuring strategic continuity, and making key decisions that cannot be postponed,” Cole said in an emailed response to questions. Ruggeri’s deep experience with Starbucks will help her to succeed in this role, with the CFO also working to reassure shareholders and help facilitate a seamless leadership transition, he said.
Ruggeri has “a deep understanding” of the company and is deeply trusted by chairman Schultz, Cole said, having logged most of her career at Starbucks. She has served as EVP and CFO since February 2021, according to her LinkedIn profile, with past roles including stints as the company’s SVP of finance, global retail and VP of finance, US Business.
However, her appointment to the interim position does raise the question of when or if Ruggeri will get her own permanent shot at the CEO seat, Cole said.
“Given the trend of CFOs increasingly being named interim CEOs, particularly in consumer service industries, it raises an important question: If CFOs are trusted to lead companies temporarily and often succeed in doing so, why aren’t they more frequently considered for the long-term CEO role?” Cole said. “Rachel’s deep roots at Starbucks and the broader industry trend make her potential ascension even more plausible.”
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About Cowen Partners Executive Search
Cowen Partners Executive Search is a leading national executive search firm, known for placing world-class C-suite leaders, board members, and senior executives across industries. Specializing in finding and recruiting top talent, we provide clients with comprehensive access to the executive marketplace, ensuring that each search is tailored to the unique needs of the organization. Our clients benefit from a proven track record of delivering high-impact leaders who drive growth, innovation, and performance.
At Cowen Partners, we go beyond traditional executive search by offering strategic insights and expertise that help companies build high-performing teams and navigate complex market challenges. Whether it’s sourcing transformative CEOs, CFOs, or board directors, we are committed to excellence, transparency, and results-driven solutions, making us the trusted partner for businesses looking to thrive in today’s competitive landscape.
About Shawn Cole, President & Cofounder
Shawn Cole is a serial entrepreneur and executive leader with over 15 years’ experience founding and running successful companies. Shawn’s business career has been centered on value creation for both turnarounds and startups.
Shawn is President and Co-Founder of Cowen Partners, a national CFO executive search firm focused on the key elements of a successful business: sales, marketing, and finance. Business clients across the country trust Cowen Partners to take their companies to the next level by finding them executive talent, such as a CEO, CFO, COO, Chief Revenue Officer, and Chief Marketing Officer. Clients are both small and large, publicly traded, pre-IPO, private, and non-profit organizations, typically $50 million to multi-billion dollar revenue Fortune 1000 companies or have assets between $1 billion and $15 billion.
An active participant in the business community and startup space, Shawn Co-Chairs The Cowen Partners Venture Fund which provides seed funding and early stage investments, focusing on market disruptors in niche markets, community businesses, and minority entrepreneurs.
Shawn attended Oregon State University’s College of Business Austin Entrepreneurship Program and participated in a first-of-its-kind experiential entrepreneurship experiment at Weatherford Hall. He was also a Founding Member and President of Oregon State University’s Students in Free Enterprise, an international non-profit organization working with university students who want to positively change their communities and learn practical knowledge to become socially responsible business leaders.
At the age of 16 Shawn became a volunteer firefighter and EMT, eventually founding and managing a half marathon to raise funds for the community. To date, the marathon is still a success and has raised over one million dollars benefiting the community.
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