Fast-casual restaurant platform Panera Brands has announced that chief financial officer (CFO) Paul Carbone will step into the role of interim CEO following the departure of Jose Dueñas.
Panera Brands comprises fast-casual chains Panera Bread, Caribou Coffee and Einstein Bros.
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The leadership change is effective from 7 January 2025.
Paul Carbone, who joined Panera in 2023, has decades of experience in the restaurant, consumer goods and retail sectors.
As CFO of Dunkin’ Brands from 2012 to 2017, he was instrumental in doubling the company’s market capitalisation post-initial public offering and played a pivotal role during a period of substantial growth.
The Panera board of directors is conducting a thorough search for a permanent CEO, considering candidates within and outside the company.
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By GlobalDataPanera Brands board chair Patrick Grismer said: “I want to thank José for all he has done for Panera, including transforming the menu, improving restaurant-level margins and enhancing organisational agility, all of which have positioned the company for long-term growth.
“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 further strengthen Panera and ignite new-unit development. Our board fully supports the current strategic direction of Panera and expects the company to stay the course on execution.”
Jose Alberto Dueñas will transition out of his current position as CEO of Panera Brands but will continue to contribute as special advisor to the CEO until the end of March 2025.
Carbone’s expertise extends beyond the restaurant industry with executive positions at YETI Holdings and SharkNinja.
His educational background includes an MBA in Finance from Gies College of Business at the University of Illinois Urbana-Champaign and degrees in Accounting and Finance from Darla Moore School of Business at the University of South Carolina, and in Management from the University of Massachusetts, Amherst.
Panera Bread CEO Paul Carbone said: “Over the last year, we have listened to our guests, our team members and our franchisees, and have innovated behind our core product offerings to ensure that Panera continues to be a category leader known for distinctive, high-quality food and an exceptional guest experience. Being a leader in this effort is a tremendous opportunity and I am excited to partner with our management team and franchisees to unlock Panera’s next phase of growth.”
The ownership history of Panera Bread traces back to JAB Holding’s acquisition in 2017 for $7.5bn.
The investment firm took Panera Bread private before establishing Panera Brands by integrating it with other acquisitions.
Efforts to reintroduce Panera into the public market have been ongoing but plans for a public offering via a special purpose acquisition company were shelved in 2022 due to unfavourable market conditions, as reported by CNBC.
In December 2024, Panera Bread unveiled its limited-edition holiday soup cup collection.
