Panera brands makes some leadership changes to prepare for its “eventual IPO.”
The boss of one of his brands, Einstein Bros. Bagels President and CEO Jose Alberto Duenaswill be CEO of Panera Brands 1 July, successor to current CEO Niren Chaudharywill become chairman, the company said in a press release Tuesday (May 23).
Additionally, Patrick Grimmerformer Starbucks The chief financial officer (CFO) and current independent director of Panera Brands will chair the audit committee, the press release said.
Panera Brands said in the press release that these moves establish the “next generation of CEO leadership and board leadership in preparation for the potential IPO.”
Dueñas has served as President and CEO of Einstein Bros. Bagels since 2019 and has created a culture that champions business leaders, simplifies the operating model and expands digital access to the brands, the press release said.
“I believe that with this incredibly dedicated team and our amazing franchise partners, we can continue to provide a superior guest experience, increase our positive impact on the communities we serve, and accelerate key growth-enabling initiatives to prepare the company for a future public offering,” Dueñas said in the press release.
Chaudhary has been CEO of Panera Brands for four years, leading the company as it expanded its digital capabilities, expanded its loyalty base, adopted a loyalty subscription model and created a culture that has resulted in industry-leading retention rates for directors and employees. per release.
“I have had the privilege of working closely with Jose over the past few years and I look forward to continuing to work with him to drive long-term value creation as Chairman,” Chaudhary said in the press release.
Grismer joined the Panera Brands Board of Directors in September after a 36-year career in finance, including nine years as CFO of a public company.
His appointment is consistent with the philosophy of JAB holding companya “long-term anchor shareholder” of Panera Brands “to create a world-class independent public body overseen by industry-leading executives,” the press release said.
Panera Brands ended its previous plans for a initial public offering in July, citing “unfavorable capital market conditions” such as the “deteriorating IPO market” in previous months.
The company announced at the time that it intended to go public once market conditions improved.
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