Panera Brands CEO resigns; interim chief named
The chief executive of Panera Brands is leaving after less than two years on the job.
The fast-casual restaurant company, whose banners include Panera Bread, Caribou Coffee and Einstein Bros., said that José Alberto Dueñas has decided to step down from his role. Paul Carbone, currently CFO, has been named interim CEO, effective immediately.
Dueñas was appointed CEO of Panera Brands in July 2023 after serving as president and CEO of Einstein Bros. for about four years. Previously, he served as chief brand officer for Sonic Drive-In, and also held leadership positions with Darden Restaurants. Dueñas will remain with the company as a special advisor through March.
The Panera board has started a search for a new chief executive, and will consider external and internal candidates.
“I want to thank José for all he has done for Panera, including transforming the menu, improving restaurant-level margins and enhancing organizational agility, all of which have positioned the company for long-term growth,” said Patrick Grismer, board chair for Panera Brands. “Paul [Carbone] 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.”
Carbone, who joined Panera in 2023, brings decades of experience in the restaurant, consumer goods and retail industries, including serving as CFO of Dunkin’ Brands from 2012 to 2017. He has also been CFO of Yeti Holdings and Shark Ninja.
“Panera is the pioneer of fast casual and one of the most iconic and enduring brands in our industry,” said Carbone. “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.”
Panera Brands is one of the world’s largest fast-casual restaurant platforms, with more than 3,700 company and franchised locations and approximately 120,000 system employees across 11 countries. As of Sept. 24, 2024, there were nearly 2,200 bakery-cafes, company and franchise, in 48 states and Washington D.C., and in Ontario, Canada, operating under the Panera Bread or Saint Louis Bread Co. names.
Caribou Coffee has more than 800 coffeehouses in 11 countries. Einstein Bros. Brands, consisting of Einstein Bros. Bagels, Bruegger’s Bagels, Noah’s New York Bagels and Manhattan Bagel operates more than 700 company-owned units (excluding 286 licensed units) across the U.S.
“I am immensely proud of leading Panera during this transformative period for the company,” said Dueñas. “With the strategic foundation and a phenomenal leadership team in place, I'm totally confident the best is yet to come for Panera Brands.”
