Moreton to become executive vice chairman and Shaich to become sole CEO by Aug. 1, 2013.

Panera Bread Company (NASDAQ: PNRA) president and co-CEO Bill Moreton will transition to executive vice chairman to tend to a family matter, according to a company release. Effective Aug. 1, 2013, chairman and co-CEO Ron Shaich will serve as Panera's sole CEO pursuant to the company's management succession plan.

Shaich is Panera's founder and longtime CEO, having served as CEO from May 1994 to May 2010 with tenures as Co-CEO from January 1988 to May 1994 and March 2012 to present.

"All of us at Panera respect Bill's decision and are pleased that Bill will remain an active partner of ours at Panera," Shaich said. "In addition, knowing Bill's need to make this decision was a possibility, we are confident that we presently have in place the leadership and capabilities necessary to execute our key initiatives and continue Panera's record of success well into the future."