New York City — Randy Garutti, chief executive officer of Shake Shack Inc., has informed the board that, after more than two decades with 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 Garutti as an advisor following his CEO service through the end of 2024 to ensure a proper transition.
The board of directors has launched an external search led by Korn Ferry to identify a successor. The search committee will be led by Chairman Danny Meyer and independent directors Chuck Chapman, Jeff Lawrence, Lori George and Josh Silverman.
“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,” says Garutti. “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 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.”
Adds Meyer, the company’s founder and chairman of the board: “I have had the privilege and pleasure of working with Randy since he first joined Union Square Hospitality Group 24 years ago as our youngest ever general manager for Tabla and Union Square Cafe, and next as director of operations for all of USHG’s acclaimed fine dining restaurants. When we launched a hot dog cart out of Eleven Madison Park in 2001, and then 3 years later, turned it into Shake Shack — a kiosk in Madison Square Park — Randy asked for the ball. Shake Shack was an overnight hit, but it had not dawned on me that we might grow the business beyond its first park location until Randy urged that we do so with a second Shack, nearly 5 years later. Now, nearly 20 years and over 500 Shacks later, Randy has more than earned the richly-deserved opportunity to think about his next act.”
Since the original Shack opened in 2004 in NYC’s Madison Square Park, Shake Shack has expanded to more than 500 locations systemwide, including over 325 in 33 U.S. states and the District of Columbia, and 180 international locations across London, Hong Kong, Shanghai, Singapore, Mexico City, Istanbul, Dubai, Tokyo, Seoul and more. For more information, visit www.shakeshack.com.
SOURCE: Shake Shack