Starbucks is replacing its top finance executive, plucking Cathy Smith from the Nordstrom department-store chain, as the coffee group embarks on a turnaround.Smith will take over as CFO in the next month,

Starbucks announced Tuesday that Nordstrom CFO Cathy Smith will join the company as its new chief financial officer, replacing longtime veteran Rachel Ruggeri.

The global coffee chain is facing growing competition overseas, labor issues in the U.S. and dropping consumer sentiment globally — an issue it has addressed with its Back to Starbucks campaign.