Panera Brands is making some leadership changes to prepare for its “eventual IPO.”
The head of one of its brands, Einstein Bros. Bagels President and CEO José Alberto Dueñas, will become Panera Brands CEO July 1, succeeding current CEO Niren Chaudhary, who will become chairman, the company said in a Tuesday (May 23) press release.
In addition, Patrick Grismer, former Starbucks chief financial officer (CFO) and current Panera Brands independent director, will become chairman of the audit committee, the release said.
Panera Brands said in the release that these moves establish its “next generation of CEO leadership and board governance in preparation for its eventual IPO.”
Dueñas has been president and CEO of Einstein Bros. Bagels since 2019 and has created a culture that champions general managers, simplified its operating model and expanded digital access to the brands, according to the release.
“I believe that with this incredibly dedicated team and our great franchisee partners, we can continue to deliver a best-in-class guest experience, increase our positive impact in the communities we serve and accelerate key growth-driving initiatives to prepare the company for a future public listing,” Dueñas said in the release.
Chaudhary has been CEO of Panera Brands for four years, leading the company as it expanded its digital capabilities, increased its loyalty base, launched a loyalty subscription model and created a culture that has resulted in industry-leading retention rates for general managers and associates, per the release.
“I have had the privilege of working closely together with José over the last several years, and I look forward to continuing to work with him to drive long-term value creation as chairman,” Chaudhary said in the release.
Grismer joined the board of Panera Brands in September after a 36-year career in finance, including nine years as a public company CFO.
His appointment is in line with the philosophy of JAB Holding Company, a “long-term anchor shareholder” in Panera Brands, “to establish a best-in-class independent public board framework overseen by industry-leading executives,” the release said.
Panera Brands ended its earlier plans for an IPO in July, citing “unfavorable capital market conditions” such as the “deterioration of the market for initial public offerings” in the previous months.
The company said at the time that it intended to go public when market conditions improved.
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