Caribou Coffee has named its former chief financial officer the CEO of the Minneapolis-based coffee chain.
Scott Kennedy has served as interim CEO since John Butcher stepped down in March after a six-year run.
“I see tremendous opportunity to accelerate our growth, expand our reach and continue elevating what makes Caribou unique,” Kennedy said in a statement.
Kennedy spent his entire career in finance. He had served as Caribou’s CFO since 2019 and previously rose to president of financial and retail services through 14 years at Minneapolis-based Target. He started his career at accounting firm KPMG and is a graduate of the University of Canberra in Australia.
With global coffee bean prices hitting record highs this year, it might well take a financial wizard to keep both customers and corporate owners happy.
Caribou is part of Panera Brands, a subsidiary of privately held German conglomerate JAB Holding Co.
“I am confident Scott’s focus on building a winning team and culture along with delivering exceptional guest experiences in our Caribou coffeehouses every day will help make this great brand a great business,” José Cil, chair of Caribou’s board since May, said in a news release.
The 33-year-old coffee shop chain has more than 800 locations worldwide.
