ST. LOUIS--(BUSINESS WIRE)--Nov 18, 2024--
Panera Brands Inc., which includes the iconic fast-casual concept Panera Bread as well as the Caribou Coffee and Einstein Bros. brands, today announced appointments to its Board of Directors to bolster its restaurant industry experience as the company prepares for its next phase of growth. Patrick Grismer, previously Chief Financial Officer of Starbucks and Lead Independent Director of Panera, has been named Board Chair. Additionally, industry veteran David Deno has joined the Board and will assume the role of Audit Committee Chair, effective immediately.
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“We are incredibly pleased to announce Pat’s appointment as Board Chair and to welcome David to our Board at a key inflection point in Panera’s long-term growth trajectory,” said Panera CEO José Alberto Dueñas. “Pat has already made meaningful contributions to the Board over the past two years, and David brings impressive depth and breadth of restaurant experience that will be instrumental to our future growth.”
Mr. Grismer has served on the Panera Brands Board since 2022, including serving as Audit Committee Chair and Lead Independent Director since 2023. He previously served as CFO at public companies Starbucks, Hyatt Hotels, and Yum! Brands, parent company to Taco Bell, KFC and Pizza Hut.
“I am honored to serve in this role at a pivotal time for Panera Brands, as we transform our business to meet the evolving needs of our customers,” said Mr. Grismer. “I look forward to leading our Board to continue partnering with Panera’s world-class management team to unlock the company’s next phase of growth.”
Mr. Deno brings more than 40 years of general management, operations and financial experience in the restaurant sector to the Panera Brands Board. He most recently served as CEO at Bloomin’ Brands—parent company to Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Steakhouse—and previously held key positions as CFO and COO at Yum! Brands, Pizza Hut and Yum! Restaurants International.
Mr. Deno said, “Following decades working with many beloved restaurant and hospitality brands, the opportunity to join Panera – a pioneer of the fast-casual experience – is incredibly exciting for me. I believe Panera has tremendous potential to once again redefine fast-casual success and look forward to working with this experienced Board to help Panera enter a new chapter.”
Panera Brands’ fast-casual restaurant platform includes concepts with leading competencies in digital and loyalty, food innovation, a first-of-its-kind Unlimited Sip Club subscription program and new digital-forward store formats. Panera Bread has continued to see strong momentum and growth in digital channels, with digital sales accounting for more than 55% of Panera Bread’s total sales, while increasing its MyPanera loyalty base to 61 million members. Panera Brands companies have grown to more than 3,700 units across 11 countries, with best-in-industry cafe leadership teams and a tremendous runway for growth.
About Panera Brands
Panera Brands is one of the world’s largest fast-casual restaurant platforms, with more than 3,700 company and franchised locations and approximately 120,000 system employees across 11 countries. A portfolio of complementary brands bound by common values and shared growth opportunities, Panera Brands is comprised of Panera Bread®, Caribou Coffee® and Einstein Bros. Brands. Panera Brands companies are independently operated and underpinned by industry-leading technology, loyalty and high-quality ingredients. Panera Brands companies are united in their mission to be force multipliers for good for their guests, communities, the planet, and the shareholders they serve. Panera Bread is a pioneer and market leader in fast casual, with leadership in ingredient quality, omnichannel access, digital convenience (more than 55% of sales are e-commerce as of October 2024) and engagement (61 million MyPanera loyalty members as of October 2024).
As of September 24, 2024, there were nearly 2,200 bakery-cafes, company and franchise, in 48 states and Washington D.C., and in Ontario, Canada, operating under the Panera Bread® or Saint Louis Bread Co.® names. Caribou Coffee provides high-quality, handcrafted coffee-forward beverages and craveable food options, with more than 800 coffeehouses in 11 countries. Einstein Bros. Brands, consisting of Einstein Bros. Bagels®, Bruegger’s Bagels®, Noah’s New York Bagels® and Manhattan Bagel® is a market leader in bagels and bagel sandwiches operating more than 700 company-owned units (excluding 286 licensed units) across the US.
Patrick Grismer (Photo: Business Wire)
David Deno (Photo: Business Wire)
