Panera Bread Co. (PNRA) announced after the bell Tuesday that CEO Ron Shaich will become Executive Chairman of the Board at the adjournment of the company's next annual meeting. The company also announced that its Board of Directors approved a 3-year share repurchase program, of up to $600 million.
Panera Bread gapped up Wednesday and rose sharply in early trade. The stock was range-bound for the majority of the session and closed up by $1.94 at $64.28. Panera climbed above a week and a half long range and set a new high for the year.
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