Caribou Coffee CEO steps down; Mallet moves up

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

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