Worcester Business Journal

6 Worcester Business Journal | November 17, 2025 | wbjournal.com Clark receives historic $20M gift from Panera Bread founder to fund reorganization Clark University has received the largest single gi in the Worcester school's 138-year history, which the Worcester school will use to fund its restructuring plan announced in June that includes reducing its faculty size by up to 30%. Ron Shaich, a Clark 1976 alumnus and founder and former CEO of Panera Bread, has gied the university $20 mil- lion in endowed and expendable funds, according to an Oct. 21 press release from Clark. "Clark, like all of higher education, is at a critical inflection point. e deci- sions we make and the actions we take today are determinative," Shaich said in the release. "I applaud the way in which President [David] Fithian and the entire university are confronting this moment proactively, boldly, and with plan and purpose. And I am very proud to be part of moving Clark forward." e historic gi will support Clark's strategic plan and restructuring efforts, initiatives the university announced in June in response to both the changing landscape of higher education and a significantly reduced freshman class. Specifically, the university said the donation will help bolster new enroll- ment and financial aid initiatives and raise awareness of Clark's School of Climate, Environment, and Society. "Mr. Shaich's support for Clark will allow us to make important invest- ments even as we continue the hard but necessary work of reducing expenses and rightsizing the institution," Fithian said in the release. "His gi does not replace the need for financial discipline — it enhances our ability to align that discipline with bold action." e new school, which is home to de- partments including sustainability and social justice; biology; and economics, is one three schools the university has consolidated its degree tracks into in an effort to focus on a smaller number of academic areas. e other yet-to-be-named schools include one centered around visual and performing arts, computer science, and media, and the other housing Clark's departments of psychology; education; and biology. e school's plans to reduce its staff by about 5% over the next year and reduce its faculty by about 25% to 30% over the next two years, including part-time faculty who have not been renewed. e personnel decisions will affect non-tenure track faculty, pre-ten- ure faculty, and adjunct faculty. Shaich, who serves as a Clark trustee, is a long-standing benefactor of the Worcester university. In 2016, Shaich donated $5 million to the school's $125-million capital cam- paign, helping to establish the Shaich Family Alumni and Student Engage- ment Center, which includes Clark's student engagement and administrative offices. In addition to Panera, Shaich is the co-founder of the similar fast-casual dining chain Au Bon Pain. As founder, CEO and managing part- ner of Florida-based Act III Holdings, Shaich is an investor in prominent Mas- sachusetts eateries and entertainment attractions, including the entertainment venue Level99 in Natick, Boston-based Tatte Bakery & Café and Life Alive Café, and Cava, which operates a loca- tion in Framingham. In 2020, Shaich was named one of Boston Magazine's 100 Most Influential People in Boston. "With this gi, Mr. Shaich is affirm- ing the promise of our strategic plan to propel Clark into a new chapter of sustained relevance, excellence, and impact," Fithian said in the release. "e leading role he is taking to support us philanthropically is a testament to his belief in the distinctive and distin- guished nature of a Clark education. Put simply, I couldn't be more inspired or grateful for this singular act of sup- port for the institution he and so many others care so deeply about." Following lawmaker's push, UMass Chan reaches tentative agreement to boost union physician pay A month aer seven Worcester repre- sentatives signed a letter urging UMass Chan Medical School to increase physi- cian wages, the Worcester university has reached a tentative contract agreement with the physician union representing 700 UMass providers. During contract negotiations on the evening of Oct. 23, UMass Chan reached a three-year collective bar- gaining agreement with the Committee of Interns and Residents, covering between July 1, 2025 and June 30, 2028, according to a statement provided by the university to WBJ. "A fair contract for UMass housestaff means better care for Central Massa- chusetts patients," Dr. Dipavo Banerjee, UMass addiction psychiatry fellow and member of the bargaining team, said in an Oct. 27 press release from CIR-SEIU. Under the contract, the 700 physi- cians represented by the CIR-SEIU will receive 9.5% raises over the next three years. Additionally, residents and fellows will receive a medical education stipend increase from $1,000 to $1,500 per year, $5,000 in annual reimbursements for mental health services, up to $1,000 each year in reimbursements for out of pocket medical costs, and a $500 educa- tional allowance increase, according to UMass Chan and CIR-SEIU. "As cuts to vital health services, including Medicaid, hurt our Worces- ter community, investing in frontline caregivers is essential for protecting top-quality patient care. I'm proud of the work our bargaining team and housestaff did to make meaningful gains that let us focus on what matters most – our patients," Banerjee said in the release. CIR-SEIU union members are employed by UMass Chan and work within the university and the Worces- ter-based UMass Memorial Health system, Renee Hamel, communications coordinator for the union, told WBJ. Union staff will hold a ratification vote next week. "ere was unanimous approval of the tentative agreement so we are optimistic the expected gains will be achieved," Banerjee said in an email to WBJ. e tentative contract agreement comes aer Worcester representatives signed a Sept. 16 letter to Dr. Eric Dickson, president and CEO of UMass Memorial Health; Marty Meehan, pres- ident of the University of Massachu- setts system; and Dr. Michael Collins, chancellor of UMass Chan, pressing the leaders to come to a contract resolu- tion with the union that addresses the Ron Shaich, a Clark University alumnus and founder of Panera Bread $2 million Shortfall the Polar Park baseball stadium fund is expected to surpass in fiscal 2025 Source: City of Worcester 440 Hartford Turnpike Shrewsbury location of new U.S. headquarters of German manu- facturer Physik Instrumente Source: Physik Instrumente 2027 Year that Fitchburg State University will launch its first women's varsity hockey team Source: Fitchburg State University Massachusetts' Business Confidence Index in September, marking the eighth consecutive month the state's confidence stayed in pessimistic territory Source: Associated Industries of Massachusetts 46.5

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