Shamrock Holdings Inc., Roy E. Disney's investment company, boosted its stake in bakery-cafe chain Panera Bread Co. and asked that it repurchase a "significant" amount of the stock.
Panera should also separate the chairman and chief executive positions, give classes of stock the same voting rights, end staggered board elections and add new directors that include "individuals with relevant operating experience," Shamrock said Friday in a regulatory filing.
Burbank-based Shamrock, which controls 5.5% of Panera shares, said it had held discussions with senior managers and would continue to do so. Panera owned or franchised 1,137 bakery-cafes as of Nov. 27.
Panera shares fell $1.32, or 3.5%, to $36.43.