Starbucks CFO Rachel Ruggeri Keynotes Fall Power Breakfast
By Sue McMurray
At the Carson College of Business Power Breakfast, featured speaker Rachel Ruggeri described the values that have helped guide her life and leadership as the executive vice president and chief financial officer of Starbucks. In sharp contrast with the sea of dark business suits in the room, the WSU alumna’s light blue dress patterned with vibrant tropical plants and birds was the first clue to her regard for individuality.
“I grew up in the small community of Walla Walla in a very tightknit family, which gave me a strong sense of identity and belonging,” she said. “I joined Starbucks because I was always taught about giving back. The sense of belonging, joy, and individual experience Starbucks strives to create for each customer resonates with me.”
Authenticity, resilience, and generosity drive Ruggeri’s (’00 MBA) business and leadership philosophies.
“No one person runs a company or a college. You have to make sure your company culture stays top of mind when organizational change occurs; stay true to your mission,” she said.
Personal and professional values align
Nurturing the human connection and doing good in the world are essential to Starbucks’ mission—principles Ruggeri felt drawn to even before she worked there. She began her career teaching English as a second language at a community college and later became an accountant in the public sector supporting a local municipality. She worked in a variety of sectors including finance leadership roles supporting social service organizations and the food industry before joining Starbucks in 2001.
Over the years, she’s held several finance roles at Starbucks, largely within the US business arm of the company.
“I said ‘yes’ to everything professionally,” Ruggeri said. “I’ve always taken risks that have led to bigger and better rewards; the focus was never on achieving professional titles.”
She said knowing the value of her skills and the effort in everything she does remove any self-doubt about whether she has the ability to do a job she’s been tapped for.
Daily habits ground executive perception
Being responsible for Starbucks’ global finance function and strategies that drive long-term growth means Ruggeri starts work at 4:30 a.m. when she checks the sales report and heads into the office. On the way, she gets her first Starbucks order of the day: an iced grande quad espresso with extra, extra ice.
Stopping by Starbucks stores as an anonymous customer guides her executive insights on the importance of sustaining a brand in the face of inflation, rising interest rates, recession risks, and global uncertainty. Consumers naturally think about their spending, she said.
“We have to think about how we can be disruptive but continue delivering a great experience that’s worth paying for.”
Ruggeri said rapidly advancing technology trends like AI can help strengthen processes, for example systemizing sales forecasting and auditing site selection.
“I’m excited about what we can do with AI from an energy and transportation sustainability perspective,” she said.
Ruggeri suggested institutions focus on developing students’ problem-solving skills and curiosity to help them prepare for rapid technology advances in the workforce.
“You have to teach them the skills and mindset behind the technology because what they learn today versus a year from now will change,” she said. “My advice is basically this—don’t be led, lead. The rewards outweigh the risks.”
