Caribou Espresso named Scott Kennedy president and CEO, formalizing the jobs he has hung on an intervening time foundation because the March departure of John Butcher.
Kennedy prior to now served because the Minneapolis-based espresso chain’s important monetary officer starting in 2019, even though the industry has passed through various structural and management adjustments since that date.
A part of the JAB Maintaining Corporate-owned Panera Brands group — which additionally comprises Panera Bread and Einstein Bros. Bagels — Caribou Espresso offered its espresso blazing and consumer-packaged-goods industry to Ecu conglomerate JDE Peet’s for $260 million in 2024.
That portfolio go drew some consideration latter day, when Keurig Dr Pepper (KDP) introduced plans to obtain JDE Peet’s in an $18 billion deal. Era the Caribou title left-overs underneath the JDE Peet’s packaged-coffee umbrella, the retail industry continues to function underneath Panera Manufacturers, with a number one center of attention on collect enlargement.
As of latter day, Caribou counted greater than 800 espresso retail outlets in 11 nations, together with kind of 495 in the USA.
Kennedy brings a finance-heavy résumé to the govern CEO place. Ahead of becoming a member of Caribou, he spent 14 years in govt positions at Goal Company, together with six years as president of economic and retail services and products. Previous in his occupation, he spent just about 16 years at UK-based monetary services and products conglomerate KPMG, completing as a spouse.
“Caribou Coffee is a beloved brand with a strong foundation of exceptional products and a welcoming coffeehouse experience,” Kennedy mentioned in a press release from the corporate the day prior to this. “Looking ahead, I see tremendous opportunity to accelerate our growth, expand our reach and continue elevating what makes Caribou unique.”
In recent times Caribou has pursued enlargement via smaller, drive-through-focused codecs and franchising. The corporate presented its “Caribou Cabin” small-format concept in 2019, later launched U.S. franchising in 2021 then checking out the type, with an struggle to widen its footprint past core Higher Midwest markets.
The corporate closed its fresh espresso space — which opened in Edina, Minnesota, in 1992 — bringing up a wish to adapt to “changing traffic, experience and economic patterns.”
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