Panera Brands Inc., which includes fast-casual concept Panera Bread, as well as Einstein Bros. Brands and Caribou Coffee, announced that it appointed Paul Carbone as CEO, effective immediately.
Carbone previously served as CFO for the company and was appointed as interim CEO in January.
“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 – demonstrate that he has both the experience and the vision to lead the company through a period of transformation,” said Patrick Grismer, board chair of Panera Brands. “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.”
Carbone is a seasoned professional with extensive experience working with consumer brands, including within the restaurant industry. During his time as CFO, Carbone played a significant role in strengthening Panera Bread’s business by identifying and executing improvements in key areas, including menu transformation, value, and guest experience.
“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,” said Carbone, CEO of Panera Brands. “I look forward to working with the team to execute a strategic multi-year plan focused on building great teams, delivering an exceptional guest experience and driving franchise profitability.”
Carbone’s appointment as permanent CEO comes amid ongoing leadership changes and strategic shifts at Panera Brands. Last year, the company named Grismer board chair, replacing Michael Tattersfield, who held the position for just 10 months. Additionally, former Bloomin’ Brands CEO David Deno joined the board and was appointed chair of the audit committee.
Since its formation in 2021, Panera Brands has pursued an IPO, though those efforts have faced setbacks. Initially, the company planned to go public through a merger with Danny Meyer’s special purpose acquisition company, but that deal collapsed due to unfavorable market conditions ahead of a July 2022 deadline. Panera revived its IPO plans in May 2023 while also announcing then-CEO Niren Chaudhary’s transition to chairman, with José Dueñas stepping in as CEO. The company confidentially filed for an IPO later that year, aiming for a 2024 market debut, though that never materialized.
Meanwhile, Panera Brands reportedly explored selling off its Caribou Coffee and Einstein Bros. divisions, with Bank of America overseeing the process. Potential buyers, including private equity firms and restaurant operators, expressed interest.
The company has also undergone workforce reductions, laying off approximately 300 corporate employees—about 17 percent of its corporate staff—in November 2023. Additional cuts followed in the fall of 2024 as part of a broader effort to streamline operations and improve decision-making efficiency.
Additionally Panera has focused on product innovation, rolling out the largest menu revamp in its history last spring.
Carbone has spent his career driving change across the restaurant, consumer goods and retail industries. His background includes nine years as CFO at Dunkin’ Brands, during which time the company doubled its market capitalization after going public. He has also served as CFO of YETI Holdings, Inc., and SharkNinja.
