02:23 PM EST, 03/04/2025 (MT Newswires) -- (Updated to include Nordstrom's ( JWN ) statement on Smith's departure and the company's quarterly earnings.)

Starbucks ( SBUX ) said Tuesday that department store chain Nordstrom's ( JWN ) chief financial officer, Cathy Smith, will join the coffee giant as its finance chief next month.

Smith's appointment comes as Starbucks ( SBUX ) current finance head Rachel Ruggeri is leaving. Smith has previously served as CFO of Target (TGT) and Walmart (WMT) International.

"Cathy brings incredible knowledge and extensive experience in retail, global operations, and turnaround success," Starbucks ( SBUX ) Chief Executive Brian Niccol said in a message posted on the company's website. "I'm excited to partner with her as we continue our work on the Back to Starbucks ( SBUX ) plan."

Ruggeri will "spend some time assisting with the transition," Niccol said.

Nordstrom ( JWN ), which late last year agreed to be taken private, confirmed Smith's departure in its earnings release on Tuesday. Smith will leave the company after filing the company's Form 10-K for fiscal 2024, anticipated "within the next month," according to a Nordstrom ( JWN ) statement.

It said a search for a successor has begun.

Nordstrom ( JWN ) reported fiscal fourth-quarter net sales of $4.20 billion, representing a 2.1% decrease year over year. Adjusted earnings rose to $1.10 per share from $0.96 a year earlier, compared with the consensus on FactSet of $0.93.

Late last month, Starbucks ( SBUX ) said it was cutting 1,100 non-retail support partner roles and eliminating "several hundred" unfilled positions as part of an effort to simplify the organization's structure.

In January, Starbucks ( SBUX ) posted a 4% decline in global comparable store sales for its fiscal first quarter, while revenue was virtually flat year over year at $9.4 billion. Earnings per share declined 23% to $0.69.

Price: 113.93, Change: -1.49, Percent Change: -1.29