MINNEAPOLIS Michael Coles has stepped down as chairman and chief executive of Caribou Coffee Co., the coffeehouse operator said Tuesday. The company has named board member Gary Graves non-executive chairman and Rosalyn “Roz” Mallet interim CEO, effective immediately.
Coles, who will remain a director, had been chairman since 2005 and CEO since 2003. Caribou’s stock closed at $5.15 on Monday, less than half of its closing price of $12.02 on the day the company completed its initial public offering in 2005. Caribou’s stock rose slightly on Tuesday, closing up 1.36 percent to $5.22.
Coles said he had achieved his goal of making Caribou “a serious No. 2 challenger in the coffeehouse space.”
Founded in 1992, Caribou has grown to 473 units. Segment leader Starbucks Coffee, meanwhile, has more than 14,000 units.
Graves, who had been an independent director on Caribou’s board, is currently CEO of American Laser Centers.
Mallett joined Caribou earlier this year as president and chief operating officer. Previously, she was chief operating officer of La Madeleine French Bakery.