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Yahoo
19-05-2025
- Business
- Yahoo
Panera Brands appoints former RBI CEO José Cil as chairman
US-based fast-casual restaurant chain Panera Brands has appointed José Cil as the new chairman of its board of directors. Panera Brands comprises Panera Bread, Einstein Bros Bagels and its regional brands, and Caribou Coffee. Cil brings extensive experience to the role, with a previous tenure as CEO of quick service restaurant company Restaurant Brands International (RBI). He will work closely with Panera's leadership team to drive growth and enhance guest experiences across its portfolio. Cil succeeds Patrick Grismer, who has been nominated to serve on the board of Krispy Kreme. Panera Brands CEO Paul Carbone stated: 'José brings to Panera more than two decades of restaurant industry leadership experience and an impressive track record of innovation and execution, and I'm tremendously excited to work alongside him to continue powering our growth.' 'I look forward to working with José and the leadership team to build a strong culture, to deliver an exceptional guest experience and to drive franchise profitability. I would also like to thank Patrick for all of his partnership during his time on the board and wish him the very best.' During his time at RBI, Cil oversaw significant growth, including system-wide sales of more than $40bn and expansion to 30,000 restaurants in more than 100 countries. His achievements include the global expansion of Burger King, Popeyes and Tim Hortons, and the acquisition of Firehouse Subs. Cil's earlier career comprised 20 years at Burger King, where he held leadership positions including global president, and was president of Burger King EMEA (Europe, Middle East and Africa). He also serves on the boards of Norwegian Cruise Line Holdings and Restaurant Brands Europe. Cil stated: 'Panera Bread, Einstein Bros and Caribou Coffee are three widely beloved brands with incredible growth potential.' 'I look forward to working closely with the board, Paul and his management team to build a high-performance culture at Panera with a guest-first mindset and to stay laser-focused on delivering great guest experiences while serving high-quality and innovative food at a good value.' Neil Golden, Buck Jordan, Andre Molinari, James Pappas, Emiliano Román and José Tomás have also been appointed to the Panera Brand companies board. Each brings unique experience to support the company's growth. Golden's 25-year career at McDonald's includes serving as chief marketing officer for McDonald's USA from 2007 to 2014. Jordan, the founder and CEO of Vebu, has expertise in food industry automation. Molinari, with development and mergers and acquisitions (M&A) knowledge, has served as head of global development and M&A for Restaurant Brands International and head of international development for Tim Hortons. Pappas's understanding of the food business, Román's advisory experience and Tomás's HR and operations expertise are also expected to support Panera Brands. Gerhard Pleuhs and David Deno will continue their service on the Panera Brands board. In March 2025, Panera Brands named Paul Carbone as its new CEO. "Panera Brands appoints former RBI CEO José Cil as chairman" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Business Journals
25-04-2025
- Business
- Business Journals
Krispy Kreme plans board overhaul to boost lagging performance
THE REMAINDER OF THIS ARTICLE IS FOR PREMIUM MEMBERS The company is bringing in heavy hitters from the food and beverage industry to help right the ship as its stock price sinks. Story Highlights Krispy Kreme nominates new board members as stock price sinks. 'Turnaround group' of nominees are food and beverage industry veterans. Board vote follows recent C-suite changes as company eyes expansion strategy. Krispy Kreme Inc. (NASDAQ: DNUT) is looking to shake up its board of directors as its share price continues to lag. Shares of the Charlotte-based doughnut chain fell to $4.30 as of the market's close on April 24. That represents a decline of more than 67% from its 52-week high of $13.25. The company's efforts to reshape its board include nominations of four new members — and reducing its number of board seats to nine. It has 11 seats currently. GET TO KNOW YOUR CITY Find Local Events Near You Connect with a community of local professionals. Explore All Events The new nominees are: Bernardo Hees, former Burger King and Kraft Heinz CEO; Patrick Grismer, former CFO at Starbucks; Easwaran Sundaram, former chief digital and technology officer at Jet Blue; and Gordon von Bretten, a senior partner at JAB Holdings Co. Six members of Krispy Kreme's board are not up for reelection, including chair Olivier Goudet, a senior investment adviser at German investment partnership JAB. The nominees would join current board members Josh Charlesworth, also Krispy Kreme's CEO, Marissa Andrada, Patricia Capel, David Deno and Gerhard Pleuhs, who are up for reelection. 'No confidence' vote as Krispy Kreme stock languishes A vote will take place at the company's annual meeting on June 17. The board is expected to form a strategy and operating committee chaired by nominee Hees following that meeting. Potential board member von Bretten would be a new representative for JAB. Its subsidiary, JAB Indulgence B.V., held a more than 44% stake of Krispy Kreme as of Aug. 12, according to U.S. Securities and Exchange Commission filings. JAB acquired Krispy Kreme and took it private in 2016. It launched an initial public offering for the doughnut chain in 2021. Sweeping changes to the board can be driven by activist shareholders or other catalysts — but Krispy Kreme has not indicated that is a driver, says Andrew Wolf, senior analyst at C.K. King & Associates. 'It's an acknowledgement their execution hasn't been what they want. The stock has really underperformed,' he says. 'It's a no confidence vote from Wall Street.' Krispy Kreme reported net revenue of $1.67 billion for fiscal 2024, down 1.2% from a year prior. Net income for the year was $3.8 million, compared to a loss of $36.6 million in fiscal 2023. Those results reflect its sale of Insomnia Cookies as well as a cybersecurity incident that disrupted operations and had an estimated $10 million impact. Recent C-suite changes as company plots expansion moves The potential board changes come as Krispy Kreme works to reposition the brand and grow into 'a bigger and better Krispy Kreme,' Charlesworth said during the company's quarterly earnings call in February. The company has overhauled its C-suite, naming four top execs in January. That includes Nicola Steele as chief operating officer, Dave Skena as chief growth officer, Alison Holder as chief product officer, and Raphael Duvivier as president of international. Charlesworth says Krispy Kreme has adopted a strategy that aims to maximize U.S. expansion through its shops and partnerships with McDonald's, Kroger, Publix and Target. 'An added benefit of this expansion with national partners is the opportunity to identify and close existing underperforming doors, which we expect to do in 2025,' Charlesworth says. Krispy Kreme operates in 40 countries, with doughnuts available at more than 17,500 access points. Digital sales represented 14.4% of retail sales for the last fiscal year. Krispy Kreme is evaluating refranchising for international markets. 'Our transformation continues in 2025 with clear business priorities that are rooted in our strategy,' Charlesworth says. 'Turnaround group' will determine Krispy Kreme's fate Krispy Kreme's capital-light international expansion strategy will allow the company to redeploy capital, with the U.S. representing its biggest opportunity for growth. It also will boost the balance sheet and simplify operations, Wolf says. He referenced Krispy Kreme's contract with McDonald's and those types of partnerships as a potential win. 'The positioning is the opportunity. The execution is where they've been struggling,' Wolf says. The board nominees are seasoned professionals with significant experience. That signifies that the company recognizes the need for change, says Steven Cox, marketing professor at Queens University's McColl School of Business. 'This is a turnaround group,' he says. 'Highly experienced board members are not inexpensive, but the fate of the company depends upon the actions they take. A major disadvantage is lack of experience in the doughnut industry — but nominating those with a proven track record could generate fresh ideas, Cox adds.
