Panera Bread: The Deal Corporate Governance Conference – Notes

Notes from The Deal Corporate Governance Conference which took place on the 7th of June, 2018. Find the previous coverage here and here and the full notes here.

For the third year, Jim Cramer and The Deal will host an exclusive gathering of corporate decision makers and their key advisors to discuss the best strategies to meet and master the latest and most critical challenges in managing their companies to maximize shareholder value. The Deal Corporate Governance Conference’s keynotes, one-on-one interviews and panel discussions will provide actionable insights into how to identify and implement practices that rise to the occasion.

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Q1 hedge fund letters, conference, scoops etc, Also read Lear Capital: Financial Products You Should Avoid?

Warren Buffett’s 2018 Activist Investment

Berkshire Hathaway Warren BuffettMost investors are aware of Warren Buffett's most high profile long-term investments. However, there is one long term investment that is often overlooked. Q2 2020 hedge fund letters, conferences and more This is building materials maker USG, which was owned by Berkshire Hathaway for more than 17 years before it was acquired in 2018. If Read More

Ron Shaich, Founder and Chairman, Panera Bread

  • How to run a company
  • Shortermism, walking a thin line as CEO of public CEO
  • Innovation takes time and long term value creation
  • More than spread sheet, go in and understand generalization in the company
  • More than a wall street data point
  • Where is the broad direction going
  • Cannot act on financial engineering impulse
  • Short term pressure reduces options for CEOs
  • Your job as a CEO is to figure out where the world is going and that you will be there when it comes
  • It takes years for change to happen
  • If you really want to create value, be a better alternative to your competitor
  • Value creation is an end
  • Not opposed to every activist campaign
  • About balance and what actually builds our economy and create value for you
  • If 20% companies in industry getting attack, something wrong

3rd Panel Cynthia Jamison, Sean Connelly, Steve Holmes

  • If you run the business, you must grow the business
  • Always think long term
  • Do you take short term goals and tell the world what they are?
  • Quarterly guidance should by industry by industry
  • If 2 companies with better financials trade at less valuation than others in the industry
  • How can they keep CEO honest
  • How do you prevent board members just picking up checks
  • Need right board competition
  • Need good CEOs on board and not to many also
  • CEOs can take a lot of air time and competitive
  • Need to form relationship with CEO as board member
  • Darden à corporate focused, not field driven
  • Old board did everything wrong that you don’t want to do with activist
  • What is the right thing to do when an activist knocks
  • What is flow chart on what people should do
  • Look at shareholder engagement, hot buttons