Scott Kennedy, the interim CEO of Caribou Coffee, is having the “interim” removed from that title.
The Minneapolis-based coffee chain gave the permanent job to Kennedy, who had been chief financial officer before he was named interim CEO in March following the departure of former CEO John Butcher.
Kennedy came up through the financial ranks. He spent 14 years with Target Corporation, including six as president of financial and retail services. Before that he spent 16 years at KPMG.
In a statement, Kennedy called Caribou “a beloved brand with a strong foundation of exceptional products and a welcoming coffeehouse experience.” He said there is “tremendous opportunity to accelerate our growth, expand our reach and continue elevating what makes Caribou unique.”
He takes over a coffee chain that has generated sales growth in recent years but also watched other brands, such as the drive-thru beverage concept Dutch Bros, grab more market share with aggressive unit growth.
System sales at Caribou grew 6.4% last year, to $525 million, according to data from Restaurant Business sister company Technomic. The company operates 487 locations domestically, along with 349 in international markets.
The chain was merged with Panera Bread and the bagel brand operator Einstein Bros. in 2021 to form Panera Brands.
Panera Brands then last year apparently explored a sale of Caribou and Einstein, though no such deal has gone through. Each of the brands are owned by the investment firm JAB Holdings.
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