Though Panera's Q4 Profit Climbed, CFO Departing

The executive vice president and chief financial officer of Panera Bread Company announced recently that he plans to leave the company in March, despite the restaurant chain's reported 5.8 percent fourth-quarter profit increase.

According to the St. Louis Business Journal, Panera's revenue for the quarter ending December 27 jumped 15.8 percent to $495.8 million, in comparison to $428.2 million in the same quarter the previous year. For the full 2011 year, the company posted a nearly $136 million profit, a 21.5 percent increase from 2010.

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Though Panera reported profit and revenue increases for the fourth quarter, CFO Jeff Kip has announced he plans to leave the company for IAC/InterActiveCorp. on March 15. The company has reportedly already begun the search for his replacement, according to Dow Jones Newswires.