Shake Shack Inc. CEO Randy Garutti is retiring next year after serving the company for over 20 years but will serve as an adviser through the end of 2024, while the board of directors searches for a replacement. The board search committee will be led by Chairman and founder Danny Meyer and independent Directors Chuck Chapman, Jeff Lawrence, Lori George and Josh Silverman.

"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," Garutti said in a company press release. "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."

"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," Meyer said in the release. "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."

Since the original Shack opened in 2004 in NYC's Madison Square Park, the company has expanded to over 500 locations system-wide, including over 325 in 33 U.S. States and the District of Columbia, and 180 international locations across London, Hong Kong, Shanghai, Singapore, Mexico City, Istanbul, Dubai, Tokyo and Seoul.

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