Shake Shack Inc. (NYSE: SHAK) announced today that Randy Garutti, the Chief Executive Officer, has notified the Board of his intention to retire in 2024 upon the appointment of his successor, marking the end of over two decades with the company. Mr. Garutti will continue to serve as the CEO and executive board member until his retirement, and afterward, he plans to stay on as an advisor until the end of 2024 to ensure a smooth transition.
The Board of Directors, led by Chairman Danny Meyer, has initiated an external search, conducted by Korn Ferry, to identify the new CEO. The search committee, consisting of independent Directors Chuck Chapman, Jeff Lawrence, Lori George, and Josh Silverman, will oversee the process.
Randy Garutti expressed his gratitude for leading Shake Shack’s journey from a humble hot dog cart in Madison Square Park to a publicly traded company with a presence in 18 countries and over 500 locations. He highlighted the growth opportunities for the team and the shared commitment to various stakeholders.
Mr. Garutti pledged to lead the company through the CEO search, expressing optimism about Shake Shack’s potential and emphasizing a seamless transition.
Founder and Chairman of the Board of Directors, Danny Meyer, commended Randy Garutti’s leadership and collaborative efforts over the 24 years they worked together. Meyer acknowledged Garutti’s pivotal role in the development of Shake Shack and expressed excitement about finding a successor to build on the company’s strong foundation.
Garutti will continue to lead until the new CEO assumes the role, with Meyer expressing gratitude for their longstanding partnership.
Why is Shake Shack so successful?
Shake Shack’s humble origins allowed it to cultivate a sense of community and foster a dedicated following. Leveraging this loyal base, the company has successfully expanded its offerings to include gourmet burgers, crinkle fries, and milkshakes, serving people worldwide.
About Shake Shack Inc
Shake Shack Inc. (NYSE: $SHAK) specializes in providing a diverse American menu featuring items such as beef burgers, crispy chicken, hand-spun milkshakes, house-made lemonades, beer, wine, and more.
The company’s menu is crafted from a variety of American foods, with burger categories that include ShackBurger, SmokeShack, Shroom Burger (a vegetarian option), Shack Stack, Avocado Bacon Burger, and Hamburger. Chicken offerings encompass Chicken Shack and Chicken Bites.
The beverage selection includes wines like Shack Red, Shack White, and Shack Rose. Additionally, the menu features Abita Root Beer, Shack-made lemonade, organic fresh-brewed iced tea, Fifty/Fifty (half lemonade, half organic iced tea), Honest Kids organic apple juice, and Shack20 bottled water.
Shake Shack operates in approximately 400 locations worldwide, with over 260 in 32 states and the District of Columbia, and more than 140 international locations in cities such as London, Hong Kong, Shanghai, Singapore, Mexico City, Istanbul, Dubai, Tokyo, Seoul, and others.
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