A counter-current catalyst regenerator with at least two stages of counter-current contact along with a regenerator riser is proposed. Each stage may comprise a permeable barrier that allows upward passage of oxygen-containing gas and downward passage of coked catalyst into each stage, but inhibits upward movement of catalyst to mitigate back mixing and approximate true counter-current contact and efficient combustion of coke from catalyst. The regenerator riser may provide a passage to transport the catalyst and may serve as a secondary stage for coke combustion to provide the regenerated catalyst.