Executive Alert: Foresight founder resigns; Panera CEO cashes in

Executive Alert is a regular report on career moves, awards, recognition and other news about top executives from across the Show-Me State.

Career moves

Colin Hutchison was appointed to the newly created position of chief operating officer at Edgewell Personal Care Co. Hutchison has served as vice president of the commercial-international division of the company. Hutchison will be reporting directly to the chairman, president and CEO David Hatfield.

Chris Cline, the founder of coal company Foresight Energy, has resigned from its board, according to documents filed with the Securities and Exchange Commission. Cline also resigned as principal strategy advisor, even as he retains a 27 percent ownership interest in the company. Robert Moore was appointed as the new chairman, while Robert E. Murray – the son of Bob Murray, CEO of coal company Murray Energy – filled the vacancy on the board.

Kenneth McGrath was named CEO of Save-A-Lot, the Earth City-based discount grocery chain, effective April 21. McGrath will replace Eric Claus, who has served as CEO since January 2016, leading the company through a $1.4 billion acquisition by Onex Corp.

In the news
Ron Shaich | Courtesy of Panera Bread

Ron Shaich, the CEO of Panera Bread, will make nearly $400 million from the acquisition of Panera by JAB Holding, the parent company of Krispy Kreme, Caribou Coffee, and Peet’s Coffee and Tea. Shaich owns an estimated 1.2 million shares of Panera Bread, according to the latest SEC filings. With an acquisition price of $315 per share, Shaich is set to bring in about $393 million before taxes. Panera’s shares have gained 16 percent annually since 1991, beating out the 14.4 percent of Warren Buffett’s Berkshire Hathaway in the same period. Shaich, 63, has said that he will continue to be the CEO of the company.

Hugh Grant, the CEO of Monsanto Co. said his company’s planned $66 billion merger with Bayer AG has “very little amount of overlap” shared by the two companies, calling it “unique.” Grant said that Monsanto was strong in the area of seeds and biotech, while Bayer was the “premier company” for crop protection. Monsanto reported revenue $5.07 billion, a 12 percent increase compared with the same period last year, while net profit rose from to $1.37 billion from $1.06 billion.

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