Panera Bread Co. announces move to co-CEOs

St. Louis -- Panera Bread Co. announced that founder and executive chairman, Ron Shaich, and president and CEO, Bill Moreton, will become co-CEOs, effective immediately.

The announcement formalizes a relationship that has evolved over the last year and is a reflection of the way in which Shaich and Moreton have been operating as partners, the company said.

Each individual's formal title will be as follows: Ron Shaich, chairman of the board and co-CEO; Bill Moreton, president and co-CEO.

At the end of 2011, Panera Bread Co. operated 1,541 bakery-cafes under the Panera Bread, Saint Louis Bread Co., and Paradise Bakery & Café names.

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