Brief Overview:

  • Starbucks CFO Cathy Smith, according to securities filings submitted last Friday, will transfer theChief Accounting Officerresponsibilities to Val Bauduin. Bauduin will take on these duties while continuing in his role as Senior Vice President of Finance and Development at the coffee giant, and will continue to report to Smith.
  • According to documents filed with the U.S. Securities and Exchange Commission at the time, Bauduin was briefly appointed interim CFO in March 2025, during the transition period when former CFO Rachel Ruggeri departed on March 7 and Smith was expected to assume the role on March 24. During this period, he also temporarily served as both CFO and Chief Accounting Officer.
  • According to Starbucks' filing last week, Bauduin did not receive a compensation adjustment for the additional title.

In-Depth Analysis:

This move comes as the Seattle, Washington-based coffee chain advances its "Back to Starbucks" transformation plan under the leadership of CEO Brian Niccol.

Among a series of accelerated transformation initiatives, including store renovations and customizable caffeine levels, Starbucks' North American same-store sales grew 7.1% in the second fiscal quarter, as reported by Restaurant Dive, a sister publication of CFO Dive, in April, despite consumer uncertainty due to rising costs.

"It is encouraging that Starbucks drove spending growth across all income and age groups in the U.S., indicating that consumers still have demand for trend-forward innovation even in an unclear macro environment. We believe the company's redesigned membership tier program should continue to attract consumers and stimulate spending," wrote Ari Felhandler, an equity analyst at Morningstar, in an April report. At the same time, he noted that North American operating margins declined 170 basis points to 9.9%, as inflation and labor inputs pressured profits.

Smith joined Starbucks from Nordstrom last year, where she also served as CFO, as CFO Dive previously reported. In addition to the top finance role, Smith was also designated as Starbucks' CFO and Chief Accounting Officer upon joining. According to last Friday's filing, she will retain the CFO position.

Bauduin, 50, spent nearly a decade at Marriott International before joining Starbucks, according to his LinkedIn profile, where he held roles including Controller, Chief Accounting Officer, and CFO of Consumer Operations, Technology, and Emerging Businesses. From approximately 1997 to 2014, he worked at Big Four accounting firm Deloitte, rising from staff accountant to partner and leader of the U.S. hospitality practice.

Starbucks has previously separated the chief accounting role from the CFO position. According to a filing with the SEC on February 10, 2022, then-CFO Ruggeri assumed the Chief Accounting Officer role in 2022, just before Jill Walker stepped down from the position and was about to take unpaid leave.

A company spokesperson declined to comment beyond the information in the filing.