John Butcher is stepping down as CEO of Caribou Coffee after approximately five years in the position. He is being replaced on an interim basis by current chief financial officer Scott Kennedy, according to a company announcement on March 3.
Butcher and Kennedy, who are both former executives of Minnesota-based Target, each joined Caribou Coffee in 2019.
Since that time, the company launched a franchising operation in the United States, closed its original storefront in Edina, Minnesota, and sold its roasting operation and other business rights to coffee conglomerate JDE Peet’s for $260 million.
After being acquired by the German billionaire-owned JAB company in 2012, Caribou Coffee was nine years later spun off to form the JAB-owned conglomerate Panera Brands, which comprises Caribou Coffee, Einstein Bros. Bagels and Panera Bread.
In January, Panera Brands announced that its CEO, José Alberto Dueñas, was stepping down after just 22 months, being replaced on an interim basis by CFO Paul Carbone.
According to the most recent announcement, current Caribou CEO Butcher will assist with the Caribou CEO transition while the company’s board of directors carries out a search for a permanent replacement. No reason was publicly provided for Butcher’s departure.
According to Caribou, the company has more than 800 stores in 11 countries, including 335 company-owned stores, 140 non-traditional stores, and 361 franchise locations.
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