Panera’s former Chief Financial Officer, who has been serving as Interim CEO since January 2025, says higher quality food and better run stores will be key to regaining the initiative as a value leader in the competitive US market
Paul Carbone (left) and a Panera Bread store (right) | Photo credits: Panera Brands
Panera Brands has appointed Paul Carbone as its permanent CEO, effective immediately.
The former Dunkin’ Brands executive joined the fast-casual restaurant group as Chief Financial Officer in August 2023 and has been serving as Interim CEO since 7 January 2025 after incumbent José Alberto Dueñas unexpectedly stepped down from the role.
“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. 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 said in a press release.
In a separate interview with the Wall Street Journal, Carbone said he is seeking to reposition Panera Brands as a value-leader with a focus on higher-quality food and better run cafés.
“We’ve lost a little of our value for the last three or four years since Covid. That’s what we are fighting to get back,” Carbone said.
Formed in August 2021 by Luxembourg-based conglomerate JAB Holding Company, Panera Brands currently comprises 2,200 Panera Bread bakery cafés across the US and Canada, 970 Einstein Bros. Bagels stores and over 800 Caribou Coffee outlets across 11 countries.
The fast-casual group has been remodelling operations over the last 12 months in preparation for long-delayed public listing. In April 2024, its flagship Panera Bread chain unveiled the ‘largest menu transformation in its history’, which included fewer options, larger portions and more regular promotions.
In March 2025, the coffee and food-to-go chain announced plans to close two further dough manufacturing facilities in the US as part of an ongoing shift to par-baked, frozen bread supplied by third-party bakeries. Panera Bread has closed a total of seven company-operated dough factories over the last 12 months.
Parent company Panera Brands has also cut Panera Bread’s corporate headcount in a bid to streamline operations and cut costs. In July 2024, it was reported that Panera Brands was exploring a $1.5bn sale of Caribou Coffee and Einstein Bros Bagels, a move which would leave Panera Bread as its sole brand.