Panera Bread board OK's share buyback program

AP News
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Posted: Nov 18, 2009 9:41 AM

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 vice president and co-chief operating officer, will become its new president and CEO at that time.