Panera Brands announced Monday two big board of directors appointments ahead of a possible IPO filing: Patrick Grismer, former CFO of Starbucks has been promoted to board chair, and David Deno, retired CEO of Bloomin’ Brands has joined the board as the audit committee chair, effective immediately.
“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,” Panera CEO José Alberto Dueñas, said in a statement. “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.”
Grismer has until now served as the lead independent director and chair of the audit and finance committee for the Panera board since 2022. Before serving on the Panera board, Grismer was CFO of Starbucks until 2021, and held executive leadership positions at Hyatt Hotels, Yum Brands, and The Walt Disney Company.
“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,” Grismer said in a statement. “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.”
Deno has more than 40 years of experience in the restaurant and hospitality industries. Most recently, he served as CEO of Bloomin’ Brands for five years before retiring in September. He also currently serves on the board of fellow JAB Holding Company-owned brand, Krispy Kreme. This is Deno’s first time joining a new executive board since his retirement from Bloomin’ Brands in September, though he had previously served on the boards of Panera sister brands Caribou Coffee and Einstein’s.
“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,” Deno said in a statement. “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.”
Grismer, Deno, and the rest of the Panera executive board are expected to lead Panera into its new phase as a public company. Over the past year, Panera has completely overhauled its menu, started closing fresh dough manufacturing facilities, and announced multiple rounds of corporate layoffs. Experts believe these changes were implemented ahead of an IPO filing.
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