Panera Bread (PNRA) Announces $600M Share Buyback; Shaich Named Chairman, Moreton Named Pres/CEO
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Panera Bread Company (NASDAQ: PNRA) announced today that its Board of Directors had approved a three year share repurchase program of up to $600 million. The repurchases may commence as soon as November 20, 2009, and will be effected from time to time on the open market or in privately negotiated transactions and may make such repurchases under a Rule 10b5-1 Plan.
Panera also announced that Chief Executive Officer Ron Shaich will become Executive Chairman of the Board at the adjournment of the Company's next annual meeting.
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 effective at the adjournment of the Company's next annual meeting.
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