secwatch.observer — SEC 8-K summary
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Issuer:     Shake Shack Inc. (SHAK)
CIK:        0001620533
Form:       8-K
Filed at:   2023-12-11T23:59:59+00:00
Accession:  0001104659-23-125000
Event type: leadership
Sentiment:  neutral
Materiality: 0.60
Item codes: 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1620533/000110465923125000/0001104659-23-125000-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1620533/000110465923125000/tm2332607d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-125000

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