It looks as though Panera
Shamrock, which is controlled by Roy Disney and Stanley Gold and owns a total 5.46% of Panera, has a lot of ideas that should thrill fans of robust corporate governance. Suggestions include:
- Giving all Panera stock the same voting rights
- Declassifying its staggered board of directors
- Separating the chairman's and CEO's roles
- Bringing new members to the board that include people with experience in the restaurant industry (go figure!).
The activists also want Panera to provide more transparency into its compensation plans to improve shareholder assessment of aligning pay with performance, and urged the company to go through with a "prompt and significant" repurchase of the company's Class A shares.
Restaurants have been a hot spot when it comes to shareholder activism in recent years. Pershing Capital pressured Wendy's
Last winter, Applebee's faced pressure from Breeden Capital Management with Richard Breeden's election to the company's board. Of course, as the situation progressed into a sale of Applebee's, there were major disagreements among board members whether IHOP
Panera's been a bit crusty and stale for quite some time now; its recent punting of its president position may also give shareholders reason to question what the heck's going on with management. It seems like a fine time for shareholders to share some constructive criticism -- with the possibility of some change to come to Panera.
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