BJ’s Restaurants Stock Up As It Adds To Leadership Former CEO of Panera Bread: Retail Reaction Lags

Shares of BJ’s Restaurants ($BJRI) were up more than 2% on Thursday after the company said it was adding to its leadership roster Ronald M. Shaich, founder and former CEO of Panera Bread. However, retail chatter on Stocktwits lagged behind the stock price movement.

BJ’s Restaurants said on Thursday it is partnering with Act III Holdings LLC, an evergreen investment vehicle formed by Shaich.

“We are pleased to announce this agreement with Act III and its managing partner and CEO, Ron Shaich, who are well regarded for their restaurant industry acumen and results,” Lea Anne S. Ottinger, chair of BJ’s said. “We are confident they can support the board, Brad Richmond, the company’s interim CEO, and Lyle Tick, the company’s president and chief concept officer, as we develop and execute against BJ’s vision and strategic plan.”

Shaich also serves as the chair of the board of Cava Group Inc.

Shaich said in a statement he hopes to guide BJ’s “next chapter of growth and value creation.” 
Act III, according to the statement, has agreed to a customary standstill, voting commitment, and related provisions in connection with the cooperation agreement.

Last month, Piper Sandler analyst Brian Mullan raised the firm's price target to $36 from $35 with a ‘Neutral’ rating on the shares following its quarterly results, The Fly.com reported. He analyst cited 1.7% positive growth in its same-store sales of that were “modestly above consensus.”  

Founded in 1978, BJ’s owns and operates over 215 casual dining restaurants in 31 states.

BJ’s Restaurants’ stock is up 0.5% year-to-date. 

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