Shake Shack CEO Randall Garutti to retire; transition agreement sets successor hiring deadline and advisory terms

Shake Shack Inc.

CEO Randall Garutti will step down on the earlier of his successor's start date or May 24, 2024.
Garutti to receive a partial bonus for H1 2024 and accelerated vesting of 13,009 RSUs if successor starts after Mar 16, 2024.
After resigning, Garutti will serve as Special Advisor through May 24, 2024, then as Advisor through year-end at $10,416/month.
No successor has been named; Board to appoint new CEO before May 24, 2024.

item 5.02 item 9.01

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Departed

Randall Garutti

Chief Executive Officer

SHAK · Shake Shack Inc.

Effective: 2024-05-24
Filed: January 26, 2024, 6:59 PM ET

As previously disclosed, Mr. Garutti has informed the Company’s Board of Directors that he will retire from the Company in 2024 as its Chief Executive Officer and as an executive Board member upon the selection of his successor, but that he will serve as an advisor following this time through the end of 2024 to ensure a proper transition.

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Executive change SEC 8-K Item 5.02 confidence 0.95

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

Action: retire
Role: Chief Executive Officer

Exact text from the filing

As previously disclosed, Mr. Garutti has informed the Company’s Board of Directors that he will retire from the Company in 2024 as its Chief Executive Officer and as an executive Board member upon the selection of his successor, but that he will serve as an advisor following this time through the end of 2024 to ensure a proper transition.

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Shake Shack Inc. filing history →

Source: SEC EDGAR

accession 0001104659-24-007256

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