Scott Kennedy. Caribou Coffee press photo.
Caribou Coffee named Scott Kennedy president and CEO, formalizing the roles he has held on an interim basis since the March departure of John Butcher.
Kennedy previously served as the Minneapolis-based coffee chain’s chief financial officer beginning in 2019, although the business has undergone numerous structural and leadership changes since that time.
Part of the JAB Holding Company-owned Panera Brands group — which also includes Panera Bread and Einstein Bros. Bagels — Caribou Coffee sold its coffee roasting and consumer-packaged-goods business to European conglomerate JDE Peet’s for $260 million in 2024.
That portfolio move drew some attention last month, when Keurig Dr Pepper (KDP) announced plans to acquire JDE Peet’s in an $18 billion deal. While the Caribou name remains under the JDE Peet’s packaged-coffee umbrella, the retail business continues to operate under Panera Brands, with a primary focus on store expansion.
As of last month, Caribou counted more than 800 coffee shops in 11 countries, including roughly 495 in the United States.
Kennedy brings a finance-heavy résumé to the top CEO position. Before joining Caribou, he spent 14 years in executive positions at Target Corporation, including six years as president of financial and retail services. Earlier in his career, he spent nearly 16 years at UK-based financial services conglomerate KPMG, finishing as a partner.
“Caribou Coffee is a beloved brand with a strong foundation of exceptional products and a welcoming coffeehouse experience,” Kennedy said in an announcement from the company yesterday. “Looking ahead, I see tremendous opportunity to accelerate our growth, expand our reach and continue elevating what makes Caribou unique.”
In recent years Caribou has pursued expansion through smaller, drive-through-focused formats and franchising. The company introduced its “Caribou Cabin” small-format concept in 2019, then launched U.S. franchising in 2021 after testing the model, with an aim to widen its footprint beyond core Upper Midwest markets.
The company closed its original coffee house — which opened in Edina, Minnesota, in 1992 — citing a need to adapt to “changing traffic, experience and economic patterns.”
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