Caribou Coffee Appoints Scott Kennedy as Interim Chief Executive Officer

PR Newswire

MINNEAPOLIS, March 3, 2025

MINNEAPOLIS, March 3, 2025 /PRNewswire/ -- Caribou Coffee, a leading specialty coffee retailer, today announced that Scott Kennedy, Caribou Coffee's Chief Financial Officer and a veteran retail industry executive, has been named as Interim Chief Executive Officer. Mr. Kennedy will leverage his leadership experience and deep understanding of Caribou Coffee's operations to lead the Company while continuing to serve in his role as Chief Financial Officer.

Mr. Kennedy is succeeding John Butcher, who will be stepping down from his role as President and Chief Executive Officer, effective March 14, 2025. Mr. Butcher will remain in an advisory role through the end of May to help ensure a seamless transition, during which the Board of Directors will conduct a search for a permanent CEO, considering both internal and external candidates.

Mr. Kennedy joined Caribou Coffee as Chief Financial Officer in 2019. Previously, he spent 14 years in executive positions at Target Corporation, the last six years as President, Financial & Retail Services. Earlier, he spent almost 16 years at KPMG, with the last two years as Partner. Mr. Kennedy received his Bachelor of Arts in Accounting from the University of Canberra.

"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 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."

About Caribou Coffee$(R)$

Caribou Coffee serves high-quality handcrafted beverages and crave-worthy food in more than 800 coffeehouses worldwide. Since opening our first location in 1992, we've been committed to building personal connections in every experience. This desire drives our dedication to supporting our communities and crafting menu items with premium ingredients like specialty-grade coffee and real chocolate chips. With 335 company-owned, 140 non-traditional, and 361 franchise coffeehouses in 11 countries as of Dec. 31, 2024, we are focused on smart growth, while staying true to our purpose of creating day-making experiences that spark a chain reaction of good.

Caribou Coffee is part of Panera Brands, alongside Panera Bread(R) and Einstein Bros.(R) Bagels. To learn more, visit cariboucoffee.com, follow Caribou Coffee on social media, or download the Caribou Coffee app to join Caribou Perks and start earning rewards.

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SOURCE Caribou Coffee

/CONTACT: mediarelations@cariboucoffee.com

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March 03, 2025 14:00 ET (19:00 GMT)