Caribou Coffee names former Target exec as new CEO

Sarah Spiegel is out as CEO of Caribou Coffee, and the Brooklyn Center-based coffeehouse chain has elevated current president John Butcher to the job.

Butcher, who spent 20 years at Target Corp. in merchandising and marketing, will maintain the dual role and president and chief executive.

Spiegel left for personal reasons, the company said. She had been chief executive and president of both Caribou and Einstein Bagels since June 2017. Both brands are owned by the privately held German conglomerate JAB Holding Co.

"Since John joined our company, we've witnessed an increased focus on Caribou's people and culture, resulting in quarter after quarter performance gains and the highest guest satisfaction ratings we've ever seen at Caribou," Mike Tattersfield, chairman for Caribou Coffee & Einstein Bros. Bagels, said in a statement announcing the promotion.

The moves come amid tumult in the executive ranks at JAB Holding, which in 2014 bought Caribou for $340 million. JAB chairman Bart Becht stepped down Jan. 14 after a reported disagreement with other executives over the pace of acquisition. Becht also was on the board at Caribou and had pushed for its acquisition.

JAB owns a range of well-known chains, including Panera Bread, Keurig and Krispy Kreme. Caribou operates 300 stores nationwide as well as international franchises in 11 countries.