Panera Bread Co. said Monday that co-chief operating officer Cedrick “Rick” Vanzura would step down effective Dec. 1.
The company, in documents filed with the Securities and Exchange Commission, did not say why Vanzura was leaving.
Vanzura was named co-COO in October 2008, after joining the company in spring 2008 as executive vice president and chief administrative officer. He shared the position with John Maguire.
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Panera said it would provide Vanzura with 26 bi-weekly payments of $15,846.15 upon separation, a lump sum payment of $625,000 and health insurance benefits for 12 months.
Panera had 1,493 restaurants at the end of the second quarter, when it most recently reported earnings.