Caribou Coffee chooses new bean counter

By PAUL WALSH, Star Tribune

Last update: September 10, 2008 - 9:31 AM

Executive realignment continues at Twin Cities-based Caribou Coffee Co., with the selection of a new chief financial officer.

Timothy J. Hennessy joins the Brooklyn Center company with a resume that includes 20 years in leadership positions in finance, strategic planning, acquisitions and accounting, Caribou announced Tuesday.

Hennessy was most recently executive vice president and chief financial officer for Carlson Wagonlit Travel.

Caribou, founded in 1992, is the nation's second-largest specialty coffee company behind Starbucks. Company data from December 2007, its most recent figures, say it has more than 484 coffeehouses, of which 52 are franchises.

Last month, Caribou named veteran food and apparel executive Mike Tattersfield as its new president and CEO. He replaced interim CEO Roz Mallet, who was appointed in November after serving as Caribou's president and chief operating officer.

Caribou Coffee has seen a rash of executive departures in recent months. CEO Michael Coles resigned in the fourth quarter of 2007, and was followed two months later by his chief financial officer, George Mileusnic.

The company has performed poorly since its 2004 initial public offering. Once trading at $12 a share, its stock is trading in a range of $3.21 to $3.28 as of 9:10 this morning.

Paul Walsh • 612-673-4482

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