Charming Charlie makes three key executive appointments
Sears’ new board member brings timely expertise
Sears Holdings Corp. has named a board member whose experience may come in handy in the near future.
The struggling retailer announced that Alan J. Carr, managing member and CEO of restructuring advisory firm Drivetrain, has joined its board. Carr has significant experience as a principal, investor and advisor leading complex financial restructurings, as well as serving as a director of reorganized businesses in the U.S. and Europe.
“Alan brings deep experience as a director for companies that went through complex organizational change,” stated Sears CEO Eddie Lampert. “We are pleased to welcome him to the board and look forward to the benefit of his expertise as we work to maximize value for the company and its stakeholders.”
The appointment comes as Sears approaches a key debt payment, and as a special committee to the board is evaluating a proposal from Lampert’s ESL Investments hedge fund that would essentially translate into a wholesale financial restructuring of the company but without a Chapter 11 filing.
Starbucks taps former Hyatt, Yum! Brands exec as CFO
Starbucks Corp. has named a 25-years-plus financial executive to its C-suite.
The coffee giant appointed Patrick Grismer executive VP and CFO.
He succeeds Scott Maw, who will retire on Nov. 30, but remain a senior consultant through March 2019 to ensure a smooth transition. Grismer will join Starbucks on Nov. 12, and assume the CFO role on Nov. 30.
Grismer joins Starbucks from his current position as CFO of Hyatt, which he has held since joining the company in March 2016. Prior to Hyatt, Grismer spent 14 years at Yum! Brands, during which he held a variety of leadership positions at Yum! Brands through14 years, including CFO.
Before Yum! Brands, Grismer served in a number of finance and strategy positions at The Walt Disney Company, including VP of business planning and development for The Disneyland Resort. Grismer began his career as a management consultant with Price Waterhouse.
“As a seasoned CFO of multiple global, consumer-facing growth companies, Pat brings tremendous finance expertise, a customer-centric mindset and a wealth of restaurant industry experience to Starbucks,” said Kevin Johnson, Starbucks president and CEO. “Pat will be a fantastic addition to the team, and I look forward to partnering with him as we continue to execute against our strategic priorities and drive strong financial performance.”