Caribou Taps Target Exec as CFO
Caribou Coffee president and CEO John Butcher is rounding out his leadership team with another Target exec.
On Tuesday, Caribou announced that Scott Kennedy has been named chief financial officer. Kennedy worked with Butcher for several years during their tenure at Target Corp.
Kennedy held a number of finance roles during his 14 years at Target. He started his tenure with the retail giant as VP of assurance and was later promoted to president of financial and retail services.
“Scott has vast retail and management expertise in corporate finance, and he is known for building high-performing and engaged teams,” said Butcher, who spent two decades at Target.
Before his time at Target, Kennedy worked at global accounting and auditing firm KPMG for 15 years. He ended his tenure at the company as a partner.
Kennedy is Caribou's first CFO. Coffee & Bagels Brands—Caribou's parent company—will retain Brandon Turner as its CFO.
The appointment comes less than a year after Butcher was promoted to CEO and president. (Butcher was first named president in June 2017.)
Kennedy joins Caribou amid a series of new initiatives for the Brooklyn Center-based coffee roaster. In August, the company announced plans to pilot a new drive-thru-only concept in Minnesota. And earlier this summer, Caribou released a line of canned cold brew coffee.
In August, Butcher chatted with TCB about the changes he’s overseeing at Caribou.