Dive Brief:
- Caribou Coffee has appointed Chief Financial Officer Scott Kennedy as interim CEO, the company said Monday.
- He will succeed John Butcher, who is stepping down from his role of president and CEO, effective March 14. Butcher will remain in an advisory role through May to help with a seamless transition.
- The board of directors is looking for a permanent CEO and will consider both internal and external candidates.
Dive Insight:
Butcher has been at Caribou Coffee for nearly eight years as president and has worked as CEO since 2019, according to his LinkedIn profile. During his tenure, Caribou launched domestic franchising, leading to a development pipeline of hundreds of units that would roughly double its U.S. locations.
The company has expanded within Florida, North Carolina, Georgia, Michigan, Ohio, Iowa, North Dakota, Wisconsin and Minnesota in recent years. Caribou also signed a $260 million deal with JDE Peet’s in 2024 to allow JDE Peet’s to manufacture, market and sell Caribou branded consumer and foodservice coffee products.
Kennedy joined the chain in 2019 as CFO after spending 14 years in various executive positions at Target, including six years as president of financial and retail services, according to a press release. He also spent nearly 16 years at KPMG.
Caribou, which has 800 units across 11 countries, became a part of Panera Brands in 2021. The parent company has considered going public in the past, but has yet to do so.
