Jose Alberto Dueñas, who has served as Panera’s CEO since July 1, 2023, stepped down from the role today, and will serve as a special advisor through the end of March, according to a statement from the company. In his place, Paul Carbone, Panera’s CFO, has been named interim CEO until a permanent replacement is found, effective immediately.
Carbone joined Panera in 2023 and brings decades of experience to the role, including hands-on foodservice experience at Dunkin’, having served as CFO for five years. Board members are also banking on his diverse resume, previously working as COO of Talbots, and CFO of both YETI Coolers and SharkNinja.
“Paul is a well-respected industry veteran with a tremendous track record of success, and I look forward to continue working with him as he assumes the role of interim CEO and advances our strategies to strengthen Panera and ignite new-unit development,” said Panera Brands board chair Patrick Grismer, in a statement.
Dueñas spearheaded Panera’s recent menu overhaul, which helped improve margins and promote agility.
Dubbed “Its New Era” the chain’s new menu began rolling out in April of last year. The transformation included updates to its sandwich, soup, and salad offerings, as well as baked goods innovations and breakfast menu enhancements.
“I am immensely proud of leading Panera during this transformative period for the Company,” said Dueñas. “With the strategic foundation and a phenomenal leadership team in place, I’m totally confident the best is yet to come for Panera Brands.”
Before serving as CEO of Panera Brands, Dueñas was the president and CEO of Einstein Bagels leading up to the chain’s merger with Panera in 2021, purchased by parent company JAB Holding Company. At that time, Niren Chaudhary was Panera’s CEO; therefore, Carbone is the fast-casual chain’s third CEO in under two years.
In November 2023, Panera filed to IPO, with experts noting the company was well-primed to succeed after enjoying noteworthy gains in monthly visits early last year, noted Retail Brew. The company had been public for 26 years before JAB bought and took the brand private in 2017.
Still, the company is slated to go public in 2025 despite not publicly acting upon its November 2023 filing, reported Fast Company. The future of its decision likely hinges on whoever takes the company’s reigns to facilitate its market transformation. Last year, leadership readied the company for its IPO, including updating its menu, shuttering select manufacturing facilities, and initiating two rounds of corporate layoffs.
JAB operates various national restaurant brands including Krispy Kreme Doughnuts and Peet’s Coffee and Tea. Panera currently operates roughly 2,200 bakery-cafes in North America.
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