The group that includes Panera Bread, Caribou Coffee and Einstein Bros. Bagels announced an almost completely new board of directors on Friday.
Former Restaurant Brands International CEO José Cil was named chairman of the board for Panera Brands Inc., which is owned by Luxembourg-based conglomerate JAB Holding Co.
Cil replaces former chair Patrick Grismer, who was recently nominated to serve on the board for Krispy Kreme. Grismer had become chair in another reshuffling of the board last year, replacing former Krispy Kreme CEO Mike Tattersfield in the role at Panera Brands.
It’s the latest board shakeup for Panera Bread and its sister brands, which have undergone more than two-years of turbulence, with multiple leadership changes of both the board and executive teams.
Previous board shifts were described by JAB as preparation for an initial public offering, but it's not clear whether that's still being considered.
Cil has also been tapped by JAB to help oversee other restaurant chains that are part of the portfolio, including Pret a Manger and Espresso House, according to the Wall Street Journal.
Panera Brands CEO Paul Carbone, who took the helm in March, is preparing a three-year strategic turnaround plan for Panera Brands, though details have not yet been revealed.
“José brings to Panera more than two decades of restaurant industry leadership experience and an impressive track record of innovation and execution to Panera, and I’m tremendously excited to work alongside him to continue powering our growth,” said Carbone in a statement. “I look forward to working with José and the leadership team to build a strong culture, to deliver an exceptional guest experience and to drive franchise profitability.”
Cil was most recently CEO of RBI, which is parent to Burger King, Tim Hortons, Popeyes and Firehouse Subs. He helped grow that business to more than $40 billion in systemwide sales and 30,000 restaurants in more than 100 countries before stepping down from that role in 2023.
He also served in various leadership positions at Burger King, and is a board member of Norwegian Cruise Line Holdings Ltd., and a private-equity-owned Restaurant Brands Europe.
The other six new board members for Panera Brands include:
Neil Golden, who has had a 25-year career with McDonald’s and was CMO of the chain’s USA division from 2007 to 2014. Golden was also an RBI board member.
Buck Jordan, the founder and CEO of robotics company Vebu Inc., and the co-founder of Miso Robotics, known for the hamburger-flipping robot Flippy. He is also the founder of venture capital firm Canyon Creek Capital, which invests in early-stage technology companies.
Andre Molinari, who spent more than eight years as head of global development and M&A for RBI, and was head of international development for Tim Hortons.
James Pappas, who is currently chair at Innovative Food Holdings Inc., and a board member of Red Robin Gourmet Burgers. Pappas has also served on the board for Jamba, The Pantry Inc., and Morgan’s Foods Inc.
Emiliano Román, managing director and head of consumer and retail at Rockefeller Capital Management.
José Tomás, who has held senior roles in several multi-national companies, including serving as president, Latin America and Caribbean region, and global chief people officer at Burger King.
Two existing board members will remain on Panera Brands’ board: Gerhard Pleuhs, the former EVP corporate and legal affairs and general counsel for Mondelez International Inc.; and Dave Deno, the former CEO of Bloomin’ Brands, who joined Panera’s board last year.
The three brands include more than 3,700 company and franchised locations across 11 countries, the largest of which is the 2,200-unit Panera Bread.
Last month, Panera announced it is closing all of its fresh dough facilities over the next two years and shifting bread making to third-party bakeries. About half of the dough facilities have already been shuttered, resulting in the layoff of hundreds of team members.
It’s a big shift in the way the bakery-café chain operates, but one that company officials say will be more efficient and improve the availability of fresh-baked bread in cafes.
Once a fast-casual leader, Panera’s sales declined more than 5% last year, according to the Top 500 Restaurant Chain data by Technomic, a Restaurant Business sister brand.
Cil, in a statement said the three brands are widely beloved and have incredible growth potential.
“I look forward to working closely with the board, Paul and his management team to build a high-performance culture at Panera with a guest-first mindset and to stay laser-focused on delivering great guest experiences while serving high-quality and innovative food at a good value.”
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