Panera Bread 2011 Annual Report Download - page 5

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Leadership
In March 2012, we formalized Ron Shaich’s on-going role in the business by naming him and Bill Moreton Co-
CEOs. This change in titles is less about a change in functional responsibility and more about an accurate
representation of the partnership we have had in running Panera over the past two years. Panera benefits from both
of our experiences and the company is stronger for our shared vision, passion and commitment. We are also
fortunate to have a very deep and talented senior management team.
Charitable Activities
As an organization, we are committed to taking a leadership role in fighting food insecurity in our country. We are
proud to report that in 2011 we donated more than $100 million worth of unsold bread and baked goods to local
hunger relief efforts. Additionally, the three Panera Cares Cafes, which are nonprofit, donation based community
cafes, served more than 500,000 people last year. These bakery-cafes located in Clayton, Missouri; Dearborn,
Michigan and Portland, Oregon are committed to giving each and every person who walks through their doors a
dignified dining experience regardless of their ability to pay.
Future
We believe that our strategy of increasing our store profit through investing in the quality of our customers’
experience to drive differentiation and competitive advantage, unit growth, driving operating leverage and deploying
our excess capital in high-ROI investments positions us well to continue to deliver our targeted long-term EPS
growth rate of 15% - 20% annually.
Conclusion
Lastly, we would like to extend our appreciation to our Board of Directors for their guidance and perspective, to our
franchisees for their continued investment in the concept we share, to our team members for their willingness to do
whatever it takes to get the job done well and to you, our shareholders, for your continued confidence in us. We
pledge to each of you our commitment to do all in our power to steward our company well.
Sincerely,
Ronald M. Shaich William W. Moreton
Chairman and Co-Chief Executive Officer President and Co-Chief Executive Officer