Dave Deno, the former CEO of Bloomin’ Brands, is joining the board of Panera Brands Inc., the company announced Monday.
In addition, Patrick Grismer, former Starbucks CFO, has been named chairman of Panera Brands’ board, replacing former Krispy Kreme CEO Mike Tattersfield in the role.
Tattersfield became Panera’s board chairman in January in a move that parent company JAB Holding Company said at the time was preparation for an initial public offering. It seemed fitting, given Tattersfield had led Krispy Kreme—another JAB company—through its spinoff IPO in 2021. He has also worked with all three of the chains under the Panera Brands umbrella, which include Panera Bread, Caribou Coffee and Einstein Bros. Bagels.
But the company’s talk of an IPO seems to have cooled this year.
With these moves, Tattersfield is no longer on the board. The company did not respond to requests for more information.
Grismer was brought onto the board in 2022 as an independent director to help prepare for the impending IPO. Grismer has also served as CFO at other public companies, including Hyatt Hotels and Yum Brands.
Panera Brands CEO José Alberto Dueñas said the board changes come at an inflection point in the company’s long-term growth trajectory.
“Pat has already made meaningful contributions to the Board over the past two years, and David brings impressive depth and breadth of restaurant experience that will be instrumental to our future growth,” Dueñas said in a statement.
Grismer, meanwhile, said he looks forward to leading the board’s “continuing partnership with Panera’s world-class management team to unlock the company’s next phase of growth.”
Grismer was chair of the audit committee, but Deno will now step into that role.
In addition to leading Bloomin’ Brands, parent of Outback Steakhouse, Carrabba’s Italian Grill and Bonefish Grill, Deno was also COO at Yum Brands, Pizza Hut and Yum Restaurants International.
Deno in a statement said, “I believe Panera has tremendous potential to once again redefine fast-casual success and look forward to working with this experienced Board to help Panera enter a new chapter.”
Panera Bread, the largest of the three brands with more than 2,100 bakery cafes, has been working on a restructuring plan since last year, including a menu overhaul, the closure of several underperforming baking facilities and corporate layoffs. The fast-casual chain is testing the use of third-party bakeries and shipping par-baked dough, rather than proofing and baking bread in restaurants.
Panera Brands also includes more than 800 Caribou Coffee units, and more than 700 company-owned (and 286 licensed) locations of Einstein Bros., Bruegger’s Bagels, Noah’s New York Bagels and Manhattan Bagel.
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