CEO Randy Garutti to Retire from Shake Shack in 2024

Shake Shack Inc. (“Shake Shack” or the “Company”) (NYSE: SHAK) today announced that Randy Garutti, the Company’s Chief Executive Officer, has informed the Board that, after more than two decades in the Company, he will retire in 2024 upon the selection of his successor. Mr. Garutti shared a letter to his team that is viewable here: A Message from our CEO, Randy Garutti.

He will continue to lead the Company as its CEO and as an executive Board member through that time. The Company intends to retain Mr. 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 Mr. Garutti’s successor. The Board of Directors 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. 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.”

Mr. Garutti continued, “I will continue to lead Shake Shack through the search for a new CEO. Our seasoned leadership team is exceptional and well positioned to deliver on our ambitious plans. I have never been more optimistic about Shake Shack's potential and am deeply committed to ensuring a seamless transition. The Shake Shack season of my life has been full of joy. The next season will focus on my incredible wife and three children who have been the greatest supporters of me and the Shack family. I love this company and will never stop rooting for the Company's success."

Danny Meyer, the Company’s Founder and Chairman of the Board of Directors, said, “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. He developed a devoted and avid following among our team members as an exceptional leader who always led his businesses with enlightened hospitality. When we launched a hot dog cart out of Eleven Madison Park in 2001, and then three 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 five 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.”