Panera Bread parent announces CEO transition as it prepares for 'eventual IPO'

Panera Bread's genitor institution is switching up its enactment arsenic it prepares to spell nationalist again.

The announcement, made Tuesday, confirms that the edifice institution is funny successful an archetypal nationalist offering aft calling off a woody past twelvemonth with Danny Meyer's SPAC to spell nationalist again.

The statement would person exchanged shares of USHG Acquisition for the sandwich chain's banal and allowed the institution to past a merger with Panera's subsidiary Rye Merger. However, Panera scrapped those plans successful July, citing marketplace conditions.

JAB Holding, the concern limb of the Reimann family, bought Panera Bread successful 2017 for $7.5 billion, taking it private. The steadfast combined the sandwich concatenation with Einstein Bros. Bagels and Caribou Coffee to signifier Panera Brands.

In the property release, Panera Brands said the enactment changes are "in mentation for its eventual IPO."

Current CEO Niren Chaudhary volition measurement down July 1 but plans to instrumentality astir arsenic president of the company's board. Chaudhary served arsenic main enforcement for 4 years aft joining the institution from Krispy Kreme. JAB Holding besides owned the doughnut concatenation earlier its IPO successful 2021 and inactive retains a 45% ownership stake, according to Factset.

Einstein Bros. Bagels CEO Jose Dueñas volition instrumentality the reins from Chaudhary. Before joining the bagel concatenation successful 2019, helium served arsenic main marque serviceman for Sonic Drive-In. His resume besides includes clip astatine Darden Restaurants' Olive Garden and Kellogg.

In 2022, Panera Brands' gross surpassed $4.8 billion. Panera Bread, the largest concatenation successful the portfolio, has agelong been known arsenic a exertion person successful the edifice industry. Digital orders relationship for much than fractional of the chain's full sales, and its loyalty programme has 53 cardinal members. Panera Bread has besides been investigating A.I. drive-thru bid taking and Amazon's palm-scanning technology.

Panera Brands isn't the lone edifice institution publically talking astir going public. On Friday, Mediterranean fast-casual concatenation Cava filed to spell nationalist done an IPO.