Panera Brands has announced a shakeup of its top management to introduce its ‘next generation’ of CEO leadership and board governance in preparation for its eventual initial public offering (IPO)
The fast-casual dining group, whose brands include Panera Bread, Einstein Bros. Bagels and Caribou Coffee, said José Alberto Dueñas, currently president and CEO of Einstein Bagels, will take over as group CEO, replacing Niren Chaudhary, who becomes chairman. Former Starbucks chief financial officer and independent director Patrick Grismer will become chairman of the Audit Committee, it added.
“I have had the privilege of working closely together with José over the last several years, and I look forward to continuing to work with him to drive long-term value creation as chairman,” Chaudhary said in a statement.
Dueñas commented: “I believe that with this incredibly dedicated team and our great franchisee partners, we can continue to deliver a best-in-class guest experience, increase our positive impact in the communities we serve and accelerate key growth-driving initiatives to prepare the company for a future public listing.”
Panera went private in 2017 after JAB Holding bought the company for $7.5 billion. In July 2022 it ended a planned arrangement with cornerstone investor and special purpose acquisition company (SPAC) USHG Acquisition Corp to go public again.
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