Panera Brands has a new CEO.
Paul Carbone, who has been serving as interim since January, has been named permanent CEO of the company that includes Panera Bread, Caribou Coffee and Einstein Bros. Bagels. Previously CFO, Carbone took the lead after previous CEO José Alberto Dueñas stepped down.
Carbone joined Panera as CFO in 2023 and he came to the group after serving as CFO at Dunkin’ Brands for nine years. He has also served as CFO of YETI Holdings Inc. and SharkNinja.
“Paul’s commitment and significant contributions to Panera over the past two years—coupled with his impressive track record of success with both public and private companies in the industry—demonstrates that he has both the experience and the vision to lead the company through a period of transformation,” said Patrick Grismer, Panera Brands’ board chair, in a statement. “Paul’s tremendous focus on building talented teams who are passionate about delivering exceptional guest experiences and best-in-class franchisee profitability make him the right person to lead Panera into this next chapter of growth.”
Paul Carbone. | Photo courtesy of Panera Brands.
It has been a turbulent two years for Panera Brands. The three brands were brought under one umbrella by parent company JAB Holding in 2021 in a move that was described as preparation for a public offering, which has yet to occur.
Together, the three brands represent more than 3,700 company and franchised units. The largest is Panera Bread, with about 2,200 units, followed by Caribou with more than 800 coffeehouses, and Einstein, with more than 700, including those under the Bruegger’s Bagels, Noah’s New York Bagels and Manhattan Bagel brands.
Over the past two years, the Panera Brand board has reshuffled several times. There are rumors the group is considering a sale of Caribou and Einstein Bros., and Panera Bread has overhauled its menu and reworked its executive team. Caribou’s CEO John Butcher earlier this month also announced plans to step down.
This week, Panera Bread announced the planned closure of two more fresh dough facilities in an ongoing shift to third-party bakeries. Nine fresh dough facilities have closed or will close across the country, laying off hundreds. The fate of the remaining nine facilities remains unclear.
Carbone, meanwhile, said in a statement, “There is tremendous opportunity ahead for Panera Brands and I believe that we are on the right path to return Panera back to its rightful position as the industry leader in fast casual.
“I look forward to working with the team to execute on a strategic multi-year plan focused on building great teams, delivering an exceptional guest experience and driving franchise profitability,” he added.
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