Fast casual restaurant chain Shake Shack Inc SHAK said Randy Garutti, its Chief Executive Officer, has informed the Board of his intention to retire in 2024 after the selection of a successor.
Garutti will continue to lead the company as its CEO and as an executive Board member through that time.
Shake Shack intends to retain Garutti as an advisor following his service through the end of 2024 to ensure a proper transition.
The Board of Directors has launched an external search to identify Garutti's successor. The search committee will be led by Chairman Danny Meyer and independent Directors Chuck Chapman, Jeff Lawrence, Lori George, and Josh Silverman.
Randy Garutti, Chief Executive Officer, 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."
Outlook Reiterated: The company continues to see Q4 revenue of $276.25 million - $281.75 million versus the consensus of $280.48 million.
SHAK continues to expect Q4 Same-Shack sales to be up low-single digits year-over-year and Shack-level operating profit margin of approximately 19.0%.
Shake Shack continues to expect FY23 revenue of $1.08 billion against the estimate of $1.08 billion.
SHAK sees 40 domestic company-operated openings and 40 licensed openings.
Price Action: SHAK shares are trading higher by 7.22% at $65.38 on the last check Monday.
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