Panera Bread joining Danny Meyer's food empire
The Shake Shake founder will take a leadership position on Panera Brands' board
Panera is about to make some bread.
The restaurant chain’s parent company, Panera Brands, announced that restaurateur Danny Meyer and his hospitality business will be investing in the company and taking a new leadership role. The move comes as Panera Brands is preparing for its IPO.
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USHG Acquisition Corp., sponsored by the Union Square Hospitality Group, LLC, will become a cornerstone partner with Panera Brands. According to a press release, Danny Meyer will become the Lead Independent Director of Panera Brand’s board once the IPO is completed.
"We’ve long admired Danny’s work as he built some of today’s most beloved brands with a relentless focus on hospitality and culture," Niren Chaudhary, CEO of Panera Brands, said. "The values of Panera Brands, which are based on a belief that we can be force multipliers for good, creating a positive impact on our communities and the planet, are values shared with Union Square Hospitality Group. We look forward to partnering to capitalize on the global growth opportunity for our brands."
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Danny Meyer is the CEO of Union Square Hospitality Group, which owns several restaurant brands. He is most notably known as the founder of Shake Shack.
"Under CEO Niren Chaudhary’s leadership, Panera Brands embodies values consistent with HUGS and our Enlightened Hospitality roots, demonstrating that shareholder success is dependent on and driven by an employee-first stakeholder culture," Meyer said.
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"Importantly, Panera Brands meets our investment criteria to combine with a purpose-driven business that is scalable and built for the long-term," he continued, "a market leader whose greatest strength is its talent and heart; a company where people love to work and with which customers, suppliers and partners love doing business. We are excited to partner with Panera Brands alongside JAB."