Panera Bread board OK's share buyback program

Richmond Heights, Mo. Panera Bread Co. said Wednesday that its board approved a three-year share buyback program of up to $600 million.

The bakery-cafe chain said the buybacks may start as early as Friday.

The company also announced that co-founder and CEO Ron Shaich will become its executive chairman in May. Bill Moreton, executive VP and co-chief operating officer, will become its new president and CEO at that time.