Shake Shack CEO Randy Garutti to retire in 2024; board initiates external search for successor

Shake Shack Inc.

CEO Randy Garutti will retire in 2024 upon selection of successor; will remain CEO and executive board member until then, then advisor through end of 2024.
Board launches external CEO search led by Korn Ferry; search committee chaired by founder Danny Meyer.
Company reiterates Q4 2023 guidance: total revenue $276.25M-$281.75M, same-Shack sales up low-single digits YoY.
Company reiterates FY2023 guidance: total revenue ~$1.08B (+20% YoY), adjusted EBITDA $125M-$130M.
Garutti has led Shake Shack from a single hot dog cart to over 500 locations globally; resignation not due to any dispute.

item 5.02 item 7.01 item 9.01

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Departed

Randall Garutti

Chief Executive Officer

SHAK · Shake Shack Inc.

Filed: December 11, 2023, 6:59 PM ET

On December 11, 2023, Shake Shack Inc. (the “Company”) announced that Randall Garutti, its Chief Executive Officer, has informed the Company’s Board of Directors that he will retire from the Company in 2024 upon the selection of his successor.

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Executive change SEC 8-K Item 5.02 confidence 0.95

Randall Garutti resigned as Chief Executive Officer at Shake Shack Inc..

Action: resigned
Role: Chief Executive Officer

Exact text from the filing

On December 11, 2023, Shake Shack Inc. (the “Company”) announced that Randall Garutti, its Chief Executive Officer, has informed the Company’s Board of Directors that he will retire from the Company in 2024 upon the selection of his successor.

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Shake Shack Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-125000

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