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Panera Brands Promotes Exec to CEO Post Amid IPO Plans
Photo by: cadillacjr2002/Flickr (CC BY-SA 2.0)
Panera Brands Inc., an American bakery-cafe chain store, revealed it has promoted one of its high-ranking executives to become its new chief executive officer. The promotion comes as the company reportedly plans for an initial public offering (IPO).
Panera Brands promoted Jose Alberto Duenas as its new CEO. It said that his appointment is meant to help the company prepare for its IPO, which is expected to happen sometime in the not-so-distant future.
Duenas was from the company’s Einstein Bros. Bagels and Caribou Coffee subsidiaries. He is set to replace Niren Chaudhary, who will remain in Panera Brands as chairman starting July 1.
The new CEO was the president and chief of Einstein Bros. Bagels since 2019. Under his leadership, he led a strategic business transformation putting more focus on the brand’s breakfast while creating an environment that backs and supports the general managers since they are the most important leaders in the organization.
Prior to his new assignment, Duenas also played a crucial role in the implementation of a major operating model that simplified and improved the experience of customers. He also helped expand digital access to the firm’s leading brands.
“I am truly honored to have the opportunity to lead the phenomenal group of people at Panera Brands and be part of what is undoubtedly one of the most iconic brands in food,” the new Panera chief said in a statement. “I believe that with this incredibly dedicated team and our great franchisee partners, we can continue to deliver a best-in-class guest experience, increase our positive impact in the communities we serve and accelerate key growth-driving initiatives to prepare the Company for a future public listing.”
Mirchi9 News reported that the outgoing CEO, Niren Chaudhary, is considered a leading force in boosting the chain’s leadership in the fast-casual dining industry. The company is one of the largest restaurants in the world, with about 4,000 stores and 110,000 employees. Finally, Panera Bread merged with Einstein Bros. Bagels and Caribou Coffee in 2021 and ultimately formed the Panera Brands company.
Photo by: cadillacjr2002/Flickr (CC BY-SA 2.0)
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