Ron Shaich, founder and former CEO of Panera Bread, discusses how much voting power he held as a public company CEO.
0:00 / 0:07exact quote · 7.5s
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“No, I, you know what, the truth is, I probably could, because I voted 17% of the stock, and I had this reputation, this credibility.”
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More from Ron Shaich
Opinion
Shaich: Public markets force CEOs into short-term cost-cutting over transformative bets
“There's a pervasive sense of short-termism that has invaded our markets. The reality is, when you have such short-term pressure on our CEOs, they react. And what that ends up meaning is cost-cutting. And they avoid the kind of transformative events that drove …”
Ron ShaichFeb 10, 2020▶ 34:35Panera Bread/Au Bon Pain: Ron Shaich (2018)
AssertionPartly supported
Shaich: Au Bon Pain was the first example of fast casual dining
“And for people who were working in white collar jobs increasingly in urban settings, this was the first example of what we later came to call fast casual. This was an attempt to do something that was better But in a quick service mode.”
Ron ShaichApr 30, 2018▶ 19:32Panera Bread/Au Bon Pain: Ron Shaich
Insight
Shaich: Public market short-termism forces CEOs into cost-cutting over transformative bets
“There's a pervasive sense of short-termism that has invaded our markets. The reality is, when you have such short-term pressure on our CEOs, they react. And what that ends up meaning is cost-cutting. And they avoid the kind of transformative events that drove …”
Ron ShaichApr 30, 2018▶ 34:03Panera Bread/Au Bon Pain: Ron Shaich
AssertionNot publicly verifiable
Shaich won a board battle with two votes against VCs' three
“It was a huge boardroom struggle, because I had two votes, our venture capitalists had three, and all of them had invested in Au Bon Pain.”
Ron ShaichFeb 10, 2020▶ 27:59Panera Bread/Au Bon Pain: Ron Shaich (2018)
AssertionSupported
Shaich: Panera tripled its stock price during the Great Recession
“We said this is the time to build competitive advantage, and ultimately we tripled the stock through the recession.”
Ron ShaichApr 30, 2018▶ 31:26Panera Bread/Au Bon Pain: Ron Shaich
AssertionNot checkable as stated
Shaich: Au Bon Pain pioneered the fast-casual restaurant category
“What the bakery cafe was an alternative between down and dirty fast food. And fine dining. And for people who were working in white collar jobs increasingly in urban settings, this was the first example of what we later came to call fast casual.”
Ron ShaichFeb 10, 2020▶ 19:58Panera Bread/Au Bon Pain: Ron Shaich (2018)
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