Butcher has led the US coffee chain since January 2019 and will be succeeded in the interim by Chief Financial Officer Scott Kennedy
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Caribou Coffee currently operates 496 stores in the US and a further 310 internationally | Photo credit: Caribou Coffee
Minnesota-based Caribou Coffee has announced that CEO John Butcher will step down on 14 March 2025.
Butcher, who joined Caribou Coffee as President in June 2017, has served as CEO since January 2019 and oversaw the coffee chain’s integration into coffee and food-to-go group Panera Brands in August 2021.
Caribou Coffee said that Chief Financial Officer Scott Kennedy has been appointed Interim CEO and will lead the business as it conducts a search for a permanent replacement. Kennedy has served as Chief Financial Officer since October 2019, having joined the coffee chain from US retail giant Target, where he held the role of President, Financial & Retail Services.
In a press release, Caribou Coffee said Butcher will remain in an advisory role until the end of May 2025 to ensure a seamless transition.
“I want to thank John for his leadership over the last eight years, as his commitment to providing a best-in-class customer experience and building a strong team-oriented culture at Caribou positioned the company well for the future. The Board looks forward to working with John and Scott during this transition as we set our sights on accelerating growth across North America and internationally,” said Konrad Meyer, Chairman, Caribou Coffee.
Founded in Edina, Minnesota, in 1992, Caribou Coffee currently operates 496 stores in the US and a further 310 across 10 international markets, with a strong presence in Kuwait, the UAE and Turkey.
In July 2024, it was reported that Panera Brands was exploring a sale of Caribou Coffee and fellow portfolio café chain Einstein Bros. Bagels, as part of a deal estimated to be valued at more than $1.5bn.
Butcher’s imminent departure is the latest senior management change at Panera Brands within the last six months. In November 2024, the coffee and food-to-go group appointed former Starbucks Chief Financial Officer Patrick Grismer as Chair of its Board of Directors.
Two months later, Chief Financial Officer Paul Carbone was appointed Interim CEO after incumbent José Alberto Dueñas unexpectedly stepped down from the role.