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Coach tops estimates; Reed Krakoff to step down
New York -- Coach on Tuesday reported that its net income for three-month period ending on March 30 rose 6.2% to $238.9 million amid strong sales in North America, beating analysts’ expectations. The company also disclosed that its longtime president and executive creative director, Reed Krakoff, will step down when his contract expires next year in order to focus on his own namesake brand, which is owned by Coach. Coach said it is already looking for a successor.
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Panera Bread’s Ron Shaich to shift from co-CEO to solo CEO
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.”