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 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 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 plan."

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

Shares of Starbucks fell 1.4% in Tuesday trade.

Nordstrom, which late last year agreed to be taken private, didn't immediately respond to MT Newswires' emailed request for comment.

Late last month, Starbucks 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 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.