Panera Brands CEO Jose Dueñas resigns unexpectedly, CFO Paul Carbone assumes interim leadership. The company is still aiming for an IPO but faces challenges.
Panera Bread 's parent company, Panera Brands, announced Tuesday that CEO Jose Dueñas is stepping down, effective immediately. CFO Paul Carbone will serve as interim chief executive while the board searches for a permanent replacement. Dueñas plans to stay on as a special advisor through the end of March. He took over as CEO of Panera Brands in July 2023 after four years leading bagel chain Einstein Bros.
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 has yet to go public, following a rocky year for the restaurant industry and a sluggish market for IPOs in 2024
RESTAURANTS IPO LEADERSHIP CHANGES JAB HOLDING PANERA BREAD
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