Grants Pass, Oregon-based Dutch Bros Inc. (BROS, Financial), the drive-thru beverage chain that says it wants to make a massive difference “one cup at a time,” just made what could turn out to be a massive difference in its long-term growth potential by adding tech leader Stephen Gillett to its Board of Directors and Audit and Risk committees.
Gillett brings significant C-suite leadership experience at multiple industry leading brands, including Verily, Symantec and Best Buy (BBY, Financial), the company said in its recent announcement. In addition to his executive roles, Gillett has public company board experience across technology and retail, including Chipotle (CMG, Financial) and Symantec, and serves on the board of consumer technology company Discord. He also serves on the board of the University of Oregon, Phil and Penny Knight Campus for Accelerating Scientific Impact.
“Technology is at the forefront of our industry and key to our growth,” said Joth Ricci, Dutch Bros’ president and CEO. “Stephen’s experience as a senior executive, his extensive and groundbreaking work in cybersecurity and the tech sector, and his dedication to connecting with communities will be invaluable to Dutch Bros.”
Gillett is the Chief Operating Officer at Verily, an Alphabet (GOOG, Financial)(GOOGL, Financial) company founded at the convergence of healthcare, data science and technology. Previously, he was co-founder and CEO of Chronicle, an Alphabet cybersecurity company that is now part of Google Cloud. He also served as executive vice president, chief operating officer and board member at Symantec, executive vice president and president of Best Buy Digital and Business Operations and was part of the founding Starbucks (SBUX, Financial) transformation leadership team as chief information officer and general manager of Digital Ventures.
“I’ve had the privilege to see up close how the interaction between modern technology, digital capabilities and business operations can grow and enhance an organization to create differentiated experiences with their customers and partners,” said Gillett. “Dutch Bros is at a key point in its growth, where I hope to share these experiences and help the leadership team achieve their goals.”
Dutch Bros is a high-growth operator and franchisor of drive-thru shops. Founded in 1992 by brothers Dane and Travis Boersma, the concept began with a double-head espresso machine and a pushcart in Grants Pass, Oregon. Stores now offer a wide variety of unique, customizable cold and hot beverages that delight a broad array of customers. The shops are known for their windmill emblems.
Among the many sugary and energy drinks it serves is Shark Attack, composed of an in-house brand of energy drink plus blue raspberry, coconut, lime and pomegranate syrups. A medium-sized blended, icy version packs 500 calories.
The company launched its initial public offering Sept. 15 on the New York Stock Exchange. It was met with vigorous approval from investors, who drove shares of the company up by more than 50% in just hours – from $23 to $37. Shares eventually surpassed the $70 mark before settling down to $47.90 as of the wrtiing of this article.
The IPO was the biggest in state history and made the coffee company the state’s fifth-most-valuable company, according to The Oregonian/OregonLive.
During the third quarter, the chain passed 500 locations. Management believes the company can operate 4,000 locations across the country within the next 10 to 15 years, Ricci revealed during a November earnings call.
