Minneapolis-based Caribou Coffee has officially appointed Scott Kennedy as president and chief executive officer, removing the interim designation he has carried since March following the departure of former CEO John Butcher. The appointment formalizes Kennedy’s leadership role at the specialty coffee retailer under Panera Brands ownership.
Kennedy, who joined Caribou Coffee as chief financial officer in 2019, was initially named interim CEO on March 3, 2025, succeeding Butcher who stepped down from his role effective March 14. The permanent appointment signals confidence in Kennedy’s financial leadership expertise and strategic direction during his six-month interim tenure.
Before joining Caribou Coffee, Kennedy brings substantial retail finance experience from his 14-year tenure at Target Corporation, where he held various executive roles culminating in six years as president of financial and retail services. His Target career progression included positions as vice president of assurance, controller, and vice president of finance for Target Financial Services.
Prior to Target, Kennedy accumulated nearly 16 years of experience at KPMG, where he advanced to partner level. This combination of consulting expertise and retail operations experience positions him uniquely to navigate the competitive specialty coffee landscape.
The leadership transition comes as Caribou Coffee operates within Panera Brands’ portfolio alongside Panera Bread and Einstein Bros. Bagels. Kennedy’s dual experience as CFO and interim CEO provides institutional knowledge crucial for maintaining operational continuity while pursuing growth opportunities.
