Operations

Former Dunkin' exec named Panera Brands CFO

Paul Carbone joins the parent of Panera Bread, Caribou Coffee and Einstein Bros. as it continues preparations for a possible IPO.
Panera bread exterior
Panera Bread is the largest of the group's brands. | Photo: Shutterstock

Panera Brands Inc. has a new chief financial officer.

The St. Louis-based company on Tuesday named Paul Carbone CFO, effective Aug. 15. Carbone, who spent nine years as CFO for Dunkin’ Brands from 2012 to 2017, replaces Konrad Meyer in the role.

The move comes as the parent to Panera Bread, Caribou Coffee and Einstein Bros. prepares for a long-planned initial public offering, which the company earlier this year said will come when market conditions improve. The company named José Alberto Dueñas CEO in May, and former CEO Niren Chaudhary moved into the chairman role.

Carbone, who also held the CFO title at YETI Holdings Inc. and SharkNinja, brings decades of IPO and public company experience and will help lead Panera through its next phase of growth, the company said. Carbone was part of Dunkin’s finance executive team when that company went public in 2011, before he was promoted to the CFO role there.

Paul Carbone

Paul Carbone. |Photo courtesy of Panera Brands Inc.

“I am excited for Paul to join the team as we continue to focus on long-term value-creation for Panera Brands,” said Dueñas in a statement. “Paul’s depth of knowledge and history of success across multiple industries, particularly in the restaurant space, and his dynamic leadership qualities make him an ideal partner as we take Panera Brands to the next level.”

Panera Brands, which includes about 3,852 locations across 11 countries, generated more than $4.8 billion in revenue in fiscal 2022, the company said.

The Panera Bread brand, which includes about 2,140 bakery-cafes in the U.S. and Canada, has pioneered a subscription program called the Unlimited Sip Club, which now accounts for about 25% of transactions.

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