Starbucks names Hyatt executive Patrick Grismer as its new CFO

(Reuters) - Starbucks Corp said on Monday that it named Patrick Grismer as its new chief financial officer replacing Scott Maw.

Grismer, who is currently CFO of Hyatt Hotels Corp, will join Starbucks on Nov. 12 and will take the role of CFO after Maw retires on Nov. 30, the coffee chain said in a statement.

Prior to joining Hyatt, Grismer has held several financial and strategy roles at companies, including KFC and Pizza Hut restaurants owner Yum Brands Inc and The Walt Disney Co, Starbucks said.

The appointment comes just two weeks after the company said, in an internal memo, that it was planning an organizational restructuring that would include leadership changes, job losses and role expansions.

It also comes at a time when the world's largest coffee retailer is facing a raft of challenges, including a cooling U.S market and heavy competition from rivals, while undertaking a massive expansion project in China.

Outgoing CFO Maw, who has been with Starbucks as its CFO since Feb. 2014, will remain a senior consultant through March 2019 to ensure a smooth transition, the company said.

(Reporting by Siddharth Cavale in Bengaluru; Editing by Shailesh Kuber)