Panera Bread’s parent company announced the immediate resignation of CEO Jose Dueñas, who will continue as a special advisor until March 2024. CFO Paul Carbone has stepped in as interim chief executive while the board searches for a permanent replacement. Dueñas, who became CEO in July 2023 after leading Einstein Bros. for four years, has faced challenges in the company’s aspirations to go public again. JAB Holding, which acquired Panera for $7.5 billion in 2017 and formed Panera Brands, has been attempting to revisit an IPO for several years. Previously, in 2022, Panera abandoned a potential merger with Danny Meyer’s SPAC due to unfavorable market conditions. The leadership transition is part of preparations for an eventual IPO, and in December 2023, Panera confidentially filed for one. However, the company has yet to go public amidst a difficult year for the restaurant sector and a sluggish IPO market in 2024. Panera’s portfolio includes Panera Bread, Einstein Bros., and Caribou Coffee, with the focus now shifted toward stabilizing leadership and enhancing the company’s market position ahead of potential public offerings.
