St. Louis -- Panera Bread Company on Tuesday said that chairman and co-CEO Ron Shaich will once again serve as the company's sole CEO starting on Aug. 1. Bill Moreton, who currently serves as co-CEO and president, plans to transition to an executive vice chairman role in order to spend more time on a family matter.
Moreton commented: "As a result of this family matter, I have found myself unable to travel and am now clear I will be challenged to fully execute my responsibilities as president and Co-CEO of Panera Bread.”
Shaich is Panera's founder and longtime CEO, having served as sole CEO from May 1994 to May 2010 and Co-CEO from January 1988 to May 1994 and March 2012 to present.
In other news, Panera's net income rose to $48.1 million in the first quarter, which ended March 26, from $41.2 million a year earlier.