A Panera Bread restaurant is seen on the day it was introduced that the Panera Bread Firm was buying sandwich competitor Au Bon Ache on November 8, 2017. in Miami Seaside, Florida.
Joe Riddle | Getty Pictures
Panera Bread’s dad or mum firm introduced Tuesday that CEO Jose Dueñas is stepping down, efficient instantly.
The administration change is the most recent problem to the corporate’s plans to become public eventuallyafter a number of years of obstacles.
Panera Manufacturers CFO Paul Carbone will step in as interim CEO whereas the board searches for a everlasting alternative to steer the corporate, which incorporates Panera Bread, Einstein Bros. and Caribou Espresso.
Duenas plans to remain on till the tip of March as a particular adviser. He took over as CEO of Panera Manufacturers in July 2023. after 4 years working the Einstein Bros. bagel chain.
JAB Holding, the Ryman household’s funding arm, purchased Panera Bread in 2017. for $7.5 billion, taking it non-public after which forming Panera Manufacturers with a few of its different acquisitions.
JAB has been making an attempt to take Panera public once more for years. Already in 2022. Panera canceled a take care of Danny Meyer’s special-purpose acquisition firm, citing market situations.
In the identical 2023 announcement, by which Dueñas is the latest CEO, Panera mentioned the management transition is to organize for a potential preliminary public providing. Months later, in December 2023, the corporate filed confidentially for an IPO.
It has but to go public, following lawsuits over its extremely caffeinated Charged Lemonade, a troublesome 12 months for the restaurant business and a sluggish marketplace for a 2024 IPO.
