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The parent company of fast-casual chain Panera Bread is getting a new chief executive, the latest in a series of CEO transitions at major restaurant chains.
Panera Brands said Tuesday that current CEO José Alberto Dueñas, who has held the job for the last 1 ½ years, would step down immediately but remain as a "special advisor" to the new CEO until the end of March. Paul Carbone, Panera's CFO, will serve as interim CEO as the company looks for a permanent leader.
"I am immensely proud of leading Panera during this transformative period for the Company," Dueñas said. Panera Brands includes the eponymous chain as well as Caribou Coffee and bagel chain Einstein Bros.
Dueñas joined Panera in mid-2023, with the chain describing his appointment as its "next generation of CEO leadership and Board governance in preparation for its eventual IPO." While the company reportedly filed confidentially to go public in late 2023, it has yet to list.
Dueñas also oversaw the Panera chain's "largest menu transformation ever" in 2024, which included more focus on items like mac and cheese and sandwiches and bigger portion sizes.
The menu changes also eliminated Panera's Charged Sips range of beverages, which contained high levels of caffeine. The drinks were the subject of multiple lawsuits, which alleged that they left some customers with permanent injuries and problems such as body shakes.
The executive change at Panera is the latest of several CEO switches at major restaurant chains over the past year amid a tough consumer spending environment for brands from McDonald's to Nike.
Brian Niccol, formerly the CEO of Mexican grill chain Chipotle, took over the top job at Starbucks in September in an abrupt end to former CEO Laxman Narasimhan's time in the role. Starbucks has reported falling sales in key markets, including the US and China, for much of the past year.
Scott Boatwright, previously Chipotle's COO, took over as interim CEO in August.
Meanwhile, former P.F. Chang's CEO Damola Adamolekun has helmed Red Lobster since September, the same month that the seafood-focused chain emerged from bankruptcy.
Subway CEO John Chidsey retired at the end of 2024, the year after he oversaw the sandwich chain's sale to private equity firm Roark Capital in a deal worth about $9 billion.
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