Scott Kennedy was named president and CEO of Caribou Coffee after serving in interim roles since March. He previously served as the company’s chief financial officer beginning in 2019 and brings a finance-heavy background with executive experience at Target and a long tenure at KPMG. Caribou operates within Panera Brands and sold its coffee roasting and consumer-packaged-goods business to JDE Peet's for $260 million in 2024. Keurig Dr Pepper announced plans to acquire JDE Peet's. The retail business focuses on store expansion, counting more than 800 shops across 11 countries and pursuing small-format drive-through concepts and franchising.
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.
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."
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