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Panera and Caribou Group CEO Steps Down After Less Than Two Years

panera coffee

Panera Brands CEO José Alberto Dueñas is stepping down from the role of CEO after approximately 22 months. He is being replaced on an interim basis by current CFO Paul Carbone, who was also previously CFO of Dunkin’ Brands.

The reason for Dueñas’s departure was not provided in an announcement from the company today, although the executive will stay on as special adviser to the CEO through March.

A private company spun off from coffee and investment behemoth JAB in 2021, Panera Brands currently comprises Panera Breads, Einstein Bros. Bagels and Caribou Coffee. Combined, the brand family has more than 3,700 company-owned and franchise locations, including more than 800 Caribou Coffee shops.

Caribou coffee

Multinational coffee conglomerate JDE Peet’s acquired Caribou Coffee’s roasting operation in a $260 million deal approximately one year ago. Since that time, neither Caribou nor Panera nor Einstein have publicly disclosed how, where or by whom their coffees are roasted.

“Over the last year, we have listened to our guests, our team members and our franchisees, and have innovated behind our core product offerings to ensure that Panera continues to be a category leader known for distinctive, high-quality food and an exceptional guest experience,” Carbone said in an announcement from Panera Brands today. “Being a leader in this effort is a tremendous opportunity and I am excited to partner with our management team and franchisees to unlock Panera’s next phase of growth.”


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