Dive Brief:
- Dutch Bros Coffee President Christine Barone will replace Joth Ricci as CEO effective Jan. 1, 2024, the company announced in its Q2 earnings release.
- Barone and Ricci will share responsibilities for the rest of the year in a transitional period.
- Barone, who joined Dutch Bros as president in Q1, will take the helm of the coffee chain as it aims to reach 4,000 units within 15 years. The company’s unit count increased 25% year-over-year to 754 stores in Q2.
Dive Insight:
Ricci helped drive considerable growth at Dutch Bros since joining the company as CEO in Jan. 2019, according to his LinkedIn profile.
Co-founder and Executive Chairman Travis Boersma credited Ricci with guiding the “transition from a small, regional business to one on the national stage” Ricci also developed a foundation for sustainable growth, which Barone assisted over the past six months with real estate strategy, data analytics and marketing support, Boersma said.
Barone joined Dutch Bros as president in Q1 2023 after a stint at True Food Kitchen, where she served as CEO for almost seven years. Since then, Barone has made a swift impact on Dutch Bros’ business and “played a key part in shaping our priorities and action plans,” Ricci said.
Boersma expressed confidence in Barone’s leadership abilities. “She has the experience and knowledge to help us scale, as well as a true passion for people. I'm confident she is the best leader to help us in our next phase," he said.
The coffee brand may be on track to reach $1 billion in revenue, according to Dutch Bros’ Q2 2023 earnings presentation. Same-store sales grew 3.8% YOY in Q2, which lapped Q2 2022 performance, when same-store sales fell 3.3% YOY. Thanks to strong unit growth, systemwide sales reached $375,216,000 for the period, growing 26% compared to the year-ago quarter.
