The chief executive officer of the parent company of Panera Bread is leaving less than two years after he took the position.
José Alberto Dueñas, CEO of Panera Brands, will stay on through the end of March as an adviser, the company said in a statement Tuesday. He was appointed in May 2023 as Panera prepared for an initial public offering. That offering hasn’t materialized.
The company named Chief Financial Officer Paul Carbone as interim CEO, effective Tuesday. The board is considering internal and external candidates for a permanent replacement. Panera Brands, controlled by JAB Holding Co., also includes Einstein Bros. Bagels and Caribou Coffee.
Dueñas sought to revive growth at Panera Bread by revamping its menu and supply chain. Once the largest fast-casual chain in the US by sales, Panera Bread was overtaken by Chipotle Mexican Grill Inc. in 2020. Panera has also faced allegations that its caffeinated lemonades had resulted in deaths. The company denies wrongdoing.