As Panera Prepares To Go Public, It Names a New CEO

(CTN News) – As the company prepares for its IPO, Panera Brands announced this morning that José Alberto Dueas will be chief executive officer of the company, effective July 1.

He is currently the president and CEO of Einstein Bros. Bagels, which is preparing to merge with Panera Bread in August 2021, as well as Caribou Coffee.

As a result of this announcement, Panera’s current CEO Niren Chaudhary will take over as chairman. Patrick Grismer, former CEO of Starbucks and independent director, has been appointed as chairman of the audit committee.

As a result of an IPO, Panera will once again be listed on the public market. In 2017, JAB Holdings acquired the company after it had been publicly traded for several years.

A global company with 3,852 units reported $4.8 billion in revenue for 2022, with 53% of its revenue coming from digital sales.

Approximately 53 million people are members of its loyalty program, and 25% of Panera’s sales are attributed to its Unlimited Sip Club program.

Since joining Einstein Bros. Bagels in 2019, he has led the company in simplification of its operating model, improving the guest experience, unit economics, and margins.

His previous positions include chief brand officer at Sonic Drive-In and general manager at Darden Restaurants.

The opportunity to lead the outstanding team of people at Panera Brands is truly an honor, and I am delighted to be a part of what is undoubtedly one of the most iconic food brands in the world,” Dues said in a statement.

Having such a dedicated team and great franchisee partners, I am confident we can continue to provide the best guest experience possible, increase our positive impact in communities we serve, and accelerate key growth-driving initiatives to prepare the company for its upcoming public listing.

In 2022, Grismer was appointed to the company’s board following a 36-year career in finance, including stints as CFO at Starbucks, Hyatt Hotels, and Yum Brands.

During such a transformative time for our company, Chaudhary has been an honor to lead Panera Brands.

In addition to introducing innovative new concepts to the fast casual dining industry, we have expanded our global footprint and formed one of the largest and most vibrant fast casual companies in the world.

It has been my pleasure to work closely with José over the past few years, and I look forward to continuing to work with him to create long-term value.”

There was no further information provided by Panera regarding the timing of its initial public offering. This announcement follows that of Mediterranean concept CAVA, which announced its intention to go public less than a week earlier.

Despite this, the IPO market in the restaurant industry has been relatively quiet throughout the past year, following a busy 2021 in which five restaurants went public – Krispy Kreme, Portillo’s, First Watch, Dutch Bros., and Sweetgreen.

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