- After almost 12 years in the position
- Praise and thanks for Garutti
- Search for a successor
- Garutti made a lengthy statement and said 201 words
(exechange) — New York, December 11, 2023 — Randy Garutti, chief executive of Shake Shack, is set to leave his position. As announced by Shake Shack Inc. in a news release on Monday, December 11, 2023, Randy Garutti will leave his post as chief executive officer at the fast casual restaurant chain, after almost 12 years in the role, effective in 2024 upon the selection of his successor.
No reason given
In the announcement, Shake Shack did not explicitly explain the reason for the move.
Precise information regarding Randy Garutti’s future plans was not immediately available.
“Retire”
Shake Shack said: “Randy Garutti, the Company’s Chief Executive Officer, has informed the Board that, after more than two decades in the Company, he will retire in 2024 upon the selection of his successor. He will continue to lead the Company as its CEO and as an executive Board member through that time. The Company intends to retain Mr. Garutti as an advisor following his CEO service through the end of 2024 to ensure a proper transition.”
Share price decline since December 2021
The announcement follows a decline in Shake Shack Inc.’s share price of 13% since December 2021.
In the position of CEO since 2012
Randy Garutti became CEO of the Company in 2012.
Randy Garutti has served as Shake Shack’s Chief Executive Officer and on the Board of Directors since April 2012.
Prior to becoming Chief Executive Officer, Garutti served as Chief Operating Officer of SSE Holdings since January 2010.
Prior to leading Shake Shack, Garutti was the Director of Operations for Union Square Hospitality Group (“USHG”), overseeing the operations for all its restaurants.
In addition, Garutti served as General Manager of Union Square Cafe and Tabla, both of which won numerous accolades in the hospitality industry.
Garutti graduated from Cornell University’s School of Hotel Administration in 1997.
Garutti currently serves on the board of directors of Block, Inc.
Garutti also is a member of the board of directors of the Columbus Avenue Business Improvement District, a not-for-profit organization.
Garutti previously served as a member of the board of directors of USHG Acquisition Corp from 2020 through 2022.
201 words by Randy Garutti
In the release announcing his planned departure as CEO of Shake Shack Inc., Randy Garutti received praise and thanks.
In announcing his departure, Randy Garutti made a lengthy statement and said 201 words.
“Focus on my incredible wife and three children”
Randy Garutti stated: “It has been my honor to lead the talented Shake Shack team from our humble beginnings as a hot dog cart in Madison Square Park in New York City to the public company we are today. Together, we have achieved more than anyone dreamed, delighting communities across 18 countries, 33 states and more than 500 Shacks, while targeting to surpass $1.0 billion in revenue this year. I am most proud of the growth opportunities we created for our team members at every level and our shared commitment to uplift and take care of each other, our guests, our communities, our suppliers, and our shareholders. I will continue to lead Shake Shack through the search for a new CEO. Our seasoned leadership team is exceptional and well positioned to deliver on our ambitious plans. I have never been more optimistic about Shake Shack’s potential and am deeply committed to ensuring a seamless transition. The Shake Shack season of my life has been full of joy. The next season will focus on my incredible wife and three children who have been the greatest supporters of me and the Shack family. I love this company and will never stop rooting for the Company’s success.”
Push-out Score for Randy Garutti’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Randy Garutti was pushed out or felt pressure to leave his position.
exechange reached out to Shake Shack and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 51.2023 ($).