The appointment comes three months after the JAB Holding-backed fast-casual group appointed a new CEO and revived plans for an initial public offering
Panera Brands comprises nearly 3,900 Panera Bread, Einstein Bros. Bagels and Caribou Coffee stores | Photo credit: Panera Bread
Panera Brands has appointed Paul Carbone as Chief Financial Officer as it continues to explore opportunities for an IPO.
The Missouri-based group, which owns the Panera Bread, Caribou Coffee and Einstein Bros. brands, said Carbone’s operational, IPO and public company experience will be key to its next phase of growth.
The move follows the promotion of José Alberto Dueñas to Panera Brands CEO in May 2023. The fast-casual group said Dueñas’ appointment was in preparation for an eventual IPO, although no timeline has been outlined for the move.
In July 2022, Panera Brands put its IPO plans on hold after ending its partnership with hospitality investor USHG Acquisition Corp (HUGS) due to ‘unfavourable capital market conditions’.
“I am excited for Paul to join the team as we continue to focus on long-term value-creation for Panera Brands. 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,” Dueñas said.
Carbone served as CFO of Dunkin’ Brands between 2012-2017, during which time he is credited with doubling the company’s market capitalisation. More recently he held the Chief Operating Officer position at female fashion brand Talbots and CFO roles at consumer goods companies YETI and SharkNinja.
“I could not be more thrilled to join this dynamic and innovative company at such an energising and exciting time for the business. I look forward to joining an already outstanding leadership team and accelerating the momentum of Panera Brands to deliver long-term growth and success,” Carbone said.
Carbone succeeds Konrad Meyer as CFO who steps down from the role after 12 months.
Formed in August 2021 by Luxembourg-based conglomerate JAB Holding Company, Panera Brands currently comprises 2,140 Panera Bread bakery cafés across the US and Canada, 984 Einstein Bros. Bagels stores and 769 Caribou Coffee outlets across 11 countries.
The fast-casual group generated revenues exceeding of $4.8bn in 2022.