Panera Bread’s mother or father firm introduced Tuesday that CEO Jose Dueñas is stepping down, efficient instantly.
The change in management is the most recent problem to the corporate’s plans to go public eventually, following a number of years of hurdles.
Panera Brands CFO Paul Carbone will step in as interim chief government whereas the board searches for a everlasting alternative to guide the corporate, which incorporates Panera Bread, Einstein Bros. and Caribou Coffee.
Dueñas plans to stay round by the tip of March as a particular advisor, the corporate mentioned. He took over as CEO of Panera Brands in July 2023 after 4 years main bagel chain Einstein Bros.
JAB Holding, the funding arm of the Reimann household, purchased Panera Bread in 2017 for $7.5 billion, taking it non-public after which forming Panera Brands with a few of its different acquisitions.
JAB has been attempting to take Panera public once more for years. In 2022, Panera scrapped a take care of Danny Meyer’s particular goal acquisition firm, citing market situations.
In the identical 2023 announcement tapping Dueñas as its newest CEO, Panera mentioned the management transition is to arrange for an eventual preliminary public providing. Months later, in December 2023, the corporate confidentially filed for an IPO.
It has but to go public, following lawsuits tied to its closely caffeinated Charged Lemonade, a rocky yr for the restaurant trade and a sluggish marketplace for IPOs in 2024.
