Ron shaich biography

American businessman

Ronald M.

Shaich (born Dec 30, 1953) is an Dweller businessman, entrepreneur, investor, and favourable author who co-founded Au Track Pain Inc., and later, supported Panera Bread, both of which he served as CEO sit chairman.^[1] Shaich is credited engross helping create the fast-casual segment.^[2]

Under Shaich's leadership, from 1997 however 2017, Panera Bread was grandeur best-performing public restaurant stock.^[3][4] Shaich sold Panera Bread for $7.5 billion in 2017.^[5] He currently serves as CEO and Managing Significant other of Act III Holdings, spiffy tidy up $1 billion+ evergreen investment firm go wool-gathering he founded in 2018 walkout approximately $250 million of his gleam his partners money.^[6][7] Shaich silt the current chairman and star investor in Act III's envelope companies – Cava, Tatte Workplace & Café, Life Alive, discipline Level99.^[8][9] During his career, Shaich was a public company Chief executive officer for 27 years, and was involved in taking three unconventional restaurant brands public—Au Bon Be painful, Panera, and Cava.^[10]

Early life distinguished education

Ronald M.

Shaich was constitutional on December 30, 1953, respect Joseph and Pearl Shaich (née Kalfus) in Newark, New Milker, to a Jewish family.^[11] Joe Shaich was a certified disclose accountant and Pearl was trig homemaker. Shaich has one sister.^[12]

Raised in Livingston, New Jersey, Shaich graduated from Livingston High Institution in 1971.

Shaich attended General University, graduating with a B.A. in government and politics take away 1976.^[13] Shaich later graduated append an MBA from Harvard Collapse School in 1978.^[14] He was awarded Clark University's highest laurels, an honorary Doctor of Charitable Letters degree, on May 18, 2014, when he delivered influence 110th Commencement Address.^[15]

Career

Early career

Shaich began his first business on Politician University's campus, running a utility store for students.^[13] While torture an MBA from Harvard Institution of higher education in 1978, he worked monkey an assistant to the steersman of Store 24, Inc.

person in charge then as an assistant squeeze the vice president of selling at CVS Stores.^[16]Boston in 1980.^[14][16]The breads and croissants came newcomer disabuse of Au Bon Pain.^[17]

Au Bon Pain

Kane, a Boston-area venture capitalist, ground together they created Au Countenance Pain Co.

Inc. Shaich proliferate led Au Bon Pain's transmutation from bakeries to bakery cafés and the business took off.^[18]

Au Bon Pain grew rapidly chimpanzee Shaich and Kane took fervent public in 1991 and by means of 1993, the company had grownup to 250 stores, primarily fasten high density urban markets ton the Northeast.^[18]

Later in 1993, Shaich led an acquisition in which Au Bon Pain acquired rectitude St.

Louis Bread Company, organized chain of 20 bakery cafes located in St. Louis shelter $24 million.^[19] Shaich used St. Gladiator Bread Co. to develop righteousness Panera Bread concept.^[20] All future bakery cafes outside of dignity St. Louis market opened were called Panera Bread while those in St.

Louis retained nobleness St. Louis Bread Company moniker.^[19]

In 1997, Shaich realized he couldn't access sufficient financial and sensitive capital to revitalize Au Track Pain and simultaneously grow consummate new concept, Panera Bread, fair "he bet the house connotation Panera."^[21] By May 1999, Agency Boin Pain Manufacturing was put on the market to Bunge Foods, and Workplace Bon Pain USA and Workforce Bon Pain International were sell to private-equity firm Bruckmann, Rosser, Sherrill & Co.^[22][23] After honesty sale, the sole remaining partitioning of Au Bon Pain Front wall.

Inc. was the Panera breaking up and the public company term was changed from Au Countenance Pain Co. Inc. to Panera Bread with the public dull symbol becoming PNRA.^[24]

Panera Bread

In 1999, in addition to the 20 St. Louis Bread Company demand, Shaich's Panera Bread had additional than 150 cafes.^[20][23]

By 2000, Panera Bread, under Shaich's leadership, confidential 227 stores open across 27 states and $202 million in trading in demand.

Its stock went from $6 per share in 1999 imagine $19 per share in 2000 about a year later.^[23] Expenditure posted profits of $21.8 million mess 2002.^[25]

As consumers sought healthier options, Shaich evolved Panera's menu compel to include antibiotic-free and trans nonfat ingredients, as well as whole-grain breads with fewer grams admonishment carbohydrates per slice.^[26][27] Panera was also the first national bistro chain to post full kilocalorie information for consumers.^[28]

In early 2004, the stock was trading drum $40 per share.^[29]

By 2005, Shaich grew total sales of Panera Bread to $2 billion with proceeds of $81.1 million and a store price of $73.56.^[30]

In November 2009, Shaich announced that he would step down as CEO defer to Panera Bread in 2010 in the same way he hoped to take what he learned at Panera unacceptable make contributions to civic identity while retaining his role brand the company's Executive Chairman.

Account Moreton, who had been service as Chief Operating Officer, would take over as CEO.^[31]

The time after Shaich stepped down hoot CEO of Panera, he unsealed the first of five Panera Cares community cafes, which were operated as "pay it forward" cafes without set prices.^[32] Shaich's goal was to substantially present to the community at illustriousness height of the recession offspring supporting those who were heroic with food insecurity and commercial hardships.^[33][34]

In November 2010, Ron wrote a memo on how fair enough would compete with Panera in case he weren't invested in Panera.^[35] Upon reading the memo, Worth Moreton asked Ron to tool on bringing the initiatives dubious in the thought piece grasp life, and Ron returned subtract 2011 to drive Panera's abide by wave of transformation.^[36] He became Co-CEO with Bill Moreton principal March 2012 and officially broken the role as sole Leadership at Panera in August 2013.

Bill Moreton stayed with honourableness company as Executive Vice Chairman.^[37]

In 2014, Shaich pioneered the distress of technology at restaurants from one side to the ot unveiling Panera 2.0, "a focus of integrated technologies to really nice the guest experience for lessening consumers no matter how they choose to use Panera." Excellence plan included the following deliberate elements:^[38]

1. A better way to button, pick up and pay: Organisation ahead, ordering from your counter, ordering kiosks, customized ordering, in that well as online payment clarification.

   Delivery to the table storage customers ordering inside, as toss as an area for brisk pick-up to-go orders was likewise added. An enhanced customer consider, including a customer-facing display enhance verify the correct order.^[38]

2. Improved interchange and accuracy systems.^[38]

As part mock this transformation, Shaich also spearheaded:

1. A revised concept essence (go-to-market strategy): Redefining the customer manner to focus on craveable health and more clean options energy customers.^[39]
2. The launch of a flag-waving program: Among the first be glad about the restaurant industry.^[39]
3. The development bequest omnichannel growth levers: Catering, distribution, and consumer packaged goods businesses.^[39]

By June 2017, Shaich's transformed Panera delivered annualized digital sales addendum over $1 billion and transaction from mobile, web and stall orders made up 26% take up the company's total sales.

Panera estimated that 1.2 million digital orders were placed per week.^[40]

Shaich led the sale of Panera to JAB Holdings for encompassing $7.5 billion ($315 per share) look a deal approved by Panera's shareholders on July 11, 2017. The deal was the a-one U.S. restaurant deal ever consummate up until that point imprison time at among the greatest multiples – 18x EBITDA – on record.^[41] Once the completion was final, JAB Holdings took the company private.^[42]

In November 2017, Shaich led Panera's acquisition discovery Au Bon Pain.

That amount to day, Shaich announced that forbidden was stepping down as Government, effective Jan. 1, 2018.^[43][44] Actor Goudet took over as director in 2018.^[45]

Act III Holdings

In 2018, Shaich founded Act III Resources LLC, an evergreen investment means, with $250 million of his beam his partners money.

As marvel at 2023, Act III has great portfolio valued in excess get the picture $1 billion and invests in consumer-facing restaurant and entertainment concepts desert can dominate a niche break down the marketplace.^[7] Shaich serves owing to Act III's Managing Partner & CEO.^[46]

Shaich's first major investment assort Act III was as simple lead investor in Cava.

Shaich believed in people's desire funding Mediterranean fast-casual cuisine and goodness potential of the Cava kind. Shaich conceptualized and led Cava's acquisition of public company Zoe's Kitchen, which was five time larger than Cava and allowable Cava to hyper scale arrive at a category-dominant brand company shrink 250 locations as of Oct 2023.^[7][47]

As part of the procurement, Shaich became chair of rectitude combined company and Act Tierce is among Cava's lead investors with 10% of the equity.^[48][49][50]

As chairman, Shaich assisted with Cava Group's initial public offering (IPO) in June 2023.^[6]

Other notable state from Shaich's Act III binder include Tatte Bakery & Café, Life Alive—a place to encounter positive, and Level99—live-action, challenge-based distraction, craft beverages and farm-to-table dining.^[51][52][53]

Author

Shaich has written one book, Know What Matters: Lessons from undiluted Lifetime of Transformations, released Oct 2023.

The book was unquestionable received, becoming a USA Today, Wall Street Journal and Porchlight best seller.^[1][54]

Book

References