Panera Brands Inc. is announcing that Paul Carbone, currently the company’s chief financial officer, has been named interim chief executive officer of Panera.

Carbone, who joined Panera in 2023, brings decades of experience in the restaurant, consumer goods and retail industries, including as long-time CFO of Dunkin’ Brands. Carbone will provide leadership to the company while the Panera Board of Directors completes a comprehensive search process, considering both internal and external candidates for the role of CEO. José Alberto Dueñas, Panera Brands’ current chief executive officer, has decided to step down from his role and will serve as special advisor to the CEO through the end of March 2025 to ensure a seamless leadership transition.

“I want to thank José for all he has done for Panera, including transforming the menu, improving restaurant-level margins and enhancing organizational agility, all of which have positioned the Company for long-term growth,” said Patrick Grismer, board chair for Panera Brands. “Paul is a well-respected industry veteran with a tremendous track record of success, and I look forward to continue working with him as he assumes the role of interim CEO and advances our strategies to further strengthen Panera and ignite new-unit development. Our Board fully supports the current strategic direction of Panera and expects the Company to stay the course on execution.”

“I am immensely proud of leading Panera during this transformative period for the Company,” said Dueñas. “With the strategic foundation and a phenomenal leadership team in place, I'm totally confident the best is yet to come for Panera Brands.”

“Panera is the pioneer of fast casual and one of the most iconic and enduring brands in our industry,” said Carbone. “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. 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.”

A long-time executive in the restaurant industry, Carbone joined Panera Brands as chief financial officer in 2023. He spent nine years at Dunkin’ Brands, where he was CFO from 2012 to 2017, during which time the company doubled its market capitalization after going public. He also has been the CFO of Yeti Holdings Inc. and SharkNinja.

Carbone received his Master of Business Administration in finance at Gies College of Business at the University of Illinois Urbana-Champaign, a Bachelor of Science in Business Administration in accounting and finance from the Darla Moore School of Business at the University of South Carolina, and a Bachelor of Science in management from the University of Massachusetts, Amherst.

Source: Panera Brands Inc.