Panera Bread Company has announced that Chief Executive Officer Ron Shaich will become Executive Chairman of the Board at the adjournment of the Company’s next annual meeting on May 13, 2010.
Shaich co-founded Panera 28 years ago under its original name Au Bon Pain Co., Inc. The Company has been publicly traded since June 1991 and was renamed Panera Bread in May 1999. Since going public 18 years ago, the company’s stock price has increased 13-fold.
Bill Moreton, the company’s Executive Vice President and co-Chief Operating Officer, will become President and CEO and a member of the Board of Directors at the annual meeting.
Moreton has had over a 10 year relationship with the company.Most recently he has served as Panera’s Executive Vice President and co-Chief Operating Officer. From 1998 to 2003, he served as Executive Vice President, Chief Financial and Administrative Officer. From 2003 to 2008 he was an officer at Potbelly Sandwich Works and Baja Fresh.