JAB Holding Co., the Washington, D.C., parent company of Krispy Kreme Doughnuts, Caribou Coffee and more, acquired Panera Bread Co., St. Louis, Mo., for $7.5 billion.

McDonald's Corp. announced a turnaround plan, including a restructuring of a new leadership team. Meanwhile, Panera Bread Co. named Drew Madsen as president, responsible for overseeing the core café business.

Brazil's Marfrig Alimentos, parent company of Keystone Foods, hired former Cargill executive Frank Ravndal, Jr. to serve as chief executive officer, replacing William Andersen, who held the position on an interim basis.