Caribou Coffee Appoints Scott Kennedy as Interim CEO amid leadership transition
USA – Caribou Coffee has appointed Chief Financial Officer Scott Kennedy as interim CEO, effective March 14, 2025.
He will take over from John Butcher, who is stepping down as president and CEO after nearly eight years with the company. Butcher will remain in an advisory role until May to ensure a smooth transition.
Butcher, who has served as CEO since 2019, played a key role in launching Caribou’s domestic franchising initiative, significantly expanding the company’s footprint in the U.S.
Under his leadership, Caribou developed a pipeline of hundreds of new locations, aiming to double its U.S. presence.
“I want to thank John for his leadership over the last nearly eight years, as his commitment to providing a best-in-class customer experience and building a strong team-oriented culture at Caribou positioned the company well for the future,” said Konrad Meyer, Chairman of Caribou Coffee.
The company’s board of directors has initiated a search for a permanent CEO, considering both internal and external candidates.
Kennedy, who joined Caribou as CFO in 2019, brings extensive leadership experience.
Before Caribou, he spent 14 years in executive roles at Target Corporation, including six years as President of Financial & Retail Services. He also worked at KPMG for nearly 16 years, serving as Partner in his final two years.
Founded in 1992, Caribou Coffee operates over 800 locations worldwide as of December 2024. The company is part of Panera Brands, alongside Panera Bread and Einstein Bros. Bagels.
In July 2024, Reuters reported that Panera Brands was exploring a sale of Caribou Coffee and Einstein Bros Bagels, as well as its other bagel brands, in a deal that could value the restaurant chains at more than US$1.5 billion, according to people familiar with the matter.
In 2024, Caribou expanded in multiple U.S. states and signed a US$260 million deal with JDE Peet’s, allowing the latter to manufacture, market, and sell Caribou-branded coffee products globally.
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