Panera Brands, the parent company of Panera Bread, Einstein Bros. and Caribou Coffee, announced the departure of its CEO, with CFO Paul Carbone taking the helm as interim leader. The board is actively searching for a permanent replacement as the company continues its efforts to go public.
The restaurant company, which also includes Einstein Bros. and Caribou Coffee, has been attempting to go public over the last few years. Panera Brands CFO Paul Carbone will step in as interim chief executive while the board searches for a permanent replacement to lead the company, which includes Panera Bread, Einstein Bros. and Caribou Coffee.Dueñas plans to stick around through the end of March as a special advisor.
JAB Holding, the investment arm of the Reimann family, bought Panera Bread in 2017 for $7.5 billion, taking it private and then forming Panera Brands with some of its other acquisitions. JAB has been trying to take Panera public again for years. Back in 2022, Panera scrapped a deal with Danny Meyer's special purpose acquisition company, citing market conditions.In the same 2023 announcement tapping Dueñas as its latest CEO, Panera said the leadership transition is to prepare for an eventual initial public offering. Months later, in December 2023, the company
It has yet to go public, following a rocky year for the restaurant industry and a sluggish market for IPOs in 2024.
Panera Brands CEO Resignation Interim Leadership IPO Restaurant Industry
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