The parent company of Panera Bread said on Tuesday that Jose Due, its CEO, is leaving his position with immediate effect.
After years of obstacles, the company’s intentions to eventually go public are now facing a new difficulty in the form of a leadership shift.
While the board looks for a permanent successor to manage the company, which includes Panera Bread, Einstein Bros., and Caribou Coffee, Panera Brands CFO Paul Carbone will serve as interim CEO.
According to the corporation, he intends to remain as a special advisor until the end of March. He led the bagel chain Einstein Bros. for four years before taking over as CEO of Panera Brands in July 2023.
After purchasing Panera Bread for $7.5 billion in 2017, the Reimann family’s investment arm, JAB Holding, took it private and combined it with some of its other acquisitions to become Panera Brands.
For years, JAB has been attempting to bring Panera back to the public market. Citing market conditions, Panera canceled a deal with Danny Meyer’s special purpose acquisition firm in 2022.
Panera stated in the same 2023 statement that it had hired Due as its new CEO that the purpose of the leadership change was to get ready for a potential IPO. A few months later, in December 2023, the business quietly submitted an IPO application.
Following challenges related to its highly caffeinated Charged Lemonade, a challenging year for the restaurant sector, and a weak market for initial public offerings (IPOs) in 2024, it has not yet gone public.
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