John Butcher, the president and CEO of Caribou Coffee, said on Monday that he plans to step down next week, effective March 14. He did not give a reason for his planned departure.
Scott Kennedy, the Minneapolis-based coffee chain’s CFO since 2019, has been named interim CEO to replace him, though Butcher will remain in an advisory role through the end of May to help with the transition, the company said.
In the meantime, the board will conduct a search for a replacement, considering both internal and external candidates.
It’s the latest in a series of top management and board changes at Panera Brands, which includes sister brands Panera Bread and Einstein Bros. Bagels, and is owned by Europe-based conglomerate JAB Holding. JAB pulled the three brands together under the same umbrella in 2021 in preparation for a purported initial public offering that has yet to occur.
Over the past two years, JAB has made a series of changes at Panera Brands, which have been mostly focused on the 2,100-unit Panera Bread, the largest of the three brands. Panera Bread has been navigating a number of operational shifts, including a menu overhaul and the closure of seven fresh dough facilities that serve the cafes.
In January, the CEO of Panera Brands, José Alberto Dueñas, also stepped down, and CFO Paul Carbone was named interim chief. Panera Brands’ board was also reshuffled last year, adding former Bloomin’ Brands CEO Dave Deno, and moving Patrick Grismer to the chairman seat following the departure for former chair Mike Tattersfield.
Last year, Reuters reported rumors that JAB was considering a sale of both Caribou and sister brand Einstein Bros. Bagels. Panera Brands officials declined to comment on that report.
Founded in 1992, Caribou has more than 800 coffeehouses worldwide, including 335 that are company-owned, 140 nontraditional sites, and 361 franchised locations in 11 counties.
Konrad Meyer, chairman of Caribou Coffee, thanked Butcher for his leadership over nearly eight years, saying 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.
“The board looks forward to working with John and Scott during this transition as we set our sights on accelerating growth across North America and internationally,” Meyer added.
Members help make our journalism possible. Become a Restaurant Business member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.