New York, Jan. 24 - Panera Bread Co shareholder Shamrock Activist Value Fund LP, which is seeking changes at the restaurant chain, has asked that a Shamrock executive officer be added to the Panera board, according to a regulatory filing Thursday.
The proposal was made during a telephone conversation among executives of Panera and Shamrock on Jan. 22, according to the filing with the Securities and Exchange Commission.
Shamrock, controlled by activist investors Roy Disney and Stanley Gold, asked Panera in December 2007 to declassify its staggered board and separate the chairman and chief executive roles.
At that time, it also asked for the same voting rights for all shares of common stock and for new members "with relevant operating experience" to be added to Panera's board.
In January, Shamrock reported a 6.63 percent stake in Panera's class A shares, up from 5.46 percent previously.
In an unrelated move, Panera said on Wednesday that its year-long search for independent directors had culminated with the appointments of W. Austin Ligon, CarMax Inc's former chief executive, and Charles Chapman, current chief operating officer of American Dairy Queen Corp.
Shares of Panera fell 3.94 percent, or $1.47, to $35.69 early Thursday afternoon on Nasdaq.