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August 5, 2014
10:34 EDTPNRAPanera slides following CFO resignation
Shares of fast casual restaurant operator Panera Bread (PNRA) are falling after the company announced that CFO Roger Mathews is resigning from his position. WHAT'S NEW: Panera Bread announced last night that Roger Matthews, executive vice president and CFO, resigned his position to pursue other opportunities. Effective August 6, Bill Moreton, the executive vice chairman of the company, will serve as Interim CFO as the company conducts a search for a full-time replacement. Moreton has previously held the positions of CEO, Co-CEO and CFO of Panera Bread. ANALYST OPINION: Commenting on the announcement, Oppenheimer analyst Brian Bittner said that while unforeseen management changes are never ideal for shareholders, he feels that this news is not worrisome. He said that shareholders should not perceive this announcement as a sign of declining financials or a new directional strategy. Bittner believes that long-term investors should think about purchasing Panera at current levels. The firm maintains an Outperform rating on the shares. Likewise, Bernstein analyst Sara Senatore said that Moreton has shown that he is a competent executive both in terms of operations and communications. The firm kept an Outperform rating on the stock. PRICE ACTION: During morning trading, shares of Panera were down $1.23, or 0.8%, to $149.80.
News For PNRA From The Last 14 Days
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March 24, 2015
14:00 EDTPNRAMorgan Stanley says survey results positive for Chipotle, mixed for McDonald's
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March 18, 2015
09:25 EDTPNRAPanera Bread Q1 comps under pressure, says Cleveland Research
Cleveland Research said Neutral rated Panera Bread's Q1 comps are under pressure from weather and more difficult comparisons. The firm remains cautious on 2015 outlook given high menu pricing, competition, and a lower than expected 2.0 benefit.

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