Roger Matthews is resigning from the position of CFO at Panera Bread after only a little more than a year. He was named CFO in March of 2013 and was an integral part of many of the company’s decisions. One of the biggest decisions that Matthews played a part in was to invest in the company’s operations by adding worker hours. The cost of the decision was $15 million and the company saw a 13.1 percent increase during 2013.Matthews could not be reached for comment by the St. Louis Business Journal, who first published their coverage of the story on August 4th, 2014. He was quoted in an official statement made by the company, which appears to show that Matthews left the company on good terms. CEO of Panera Ron Shaich thanked Matthews for his time and counsel and stated in the press release, “I appreciate his dedication and passion to the business, and wish him every success in his next role.” In response, Matthews thanked Panera for the experience and praised the company for its motivation and commitment to its customers.
Roger Matthews is only one of the many CFO’s who have resigned or lost their jobs in corporate shuffling throughout this year, though his tenure as CFO was remarkably brief. It has been speculated that Matthews’ resignation was in part due to corporate stress. Some analysts have noted that Matthews’ resignation has come at a time of uncertainty for Panera, with the last quarter showing a decrease in revenue and the company looking to reposition itself. However, stocks for Panera remain attractive and there seems to be little cause for serious concern about the company’s future.
As Matthews resigns, the interim CFO role will be held by William Moreton, the company’s executive Vice Chairman. Moreton has been with the company for many years, having served in a number of executive roles since 1998. In 2010, as the company’s president and co-chief executive, he was named a board member. He was named the executive vice chairman of Panera in August of 2013, a role he has held faithfully ever since. While one CFO leaves Panera Bread, it seems that the company remains in strong and capable hands.