Shake Shack named a new CEO on Thursday, the primary outsider to steer the corporate in its 20-year historical past.
Rob Lynch, the present president and CEO of the Papa John’s pizza chain, will be a part of Shake Shack’s board and change into its CEO on May 20.
Lynch succeeds Randy Garutti, who began what would change into Shake Shack from a sizzling canine cart in New York’s Madison Square Park in 2001. At the time, Garutti was the director of operations for restauranteur Danny Meyer, the founding father of Union Square Hospitality Group and the chairman and founding father of Shake Shack.
Shake Shack was based in 2004 and held an IPO in 2015. Garutti will stay with the corporate via the tip of this yr to make sure a clean transition.
Meyer mentioned Thursday that Lynch is a perfect candidate to steer Shake Shack as it embarks on a interval of world progress. Shake Shack ended final yr with 518 shops worldwide, together with 184 exterior the U.S. The firm has mentioned it plans to open 80 extra shops this yr. Papa John’s has 5,900 shops worldwide, together with 2,473 exterior the U.S.
Lynch turned president and CEO of Papa John’s in 2019. Previously, he was president of Arby’s, the place he additionally served as chief advertising and marketing officer. He has additionally held senior roles at Taco Bell, Heinz Co. and Procter & Gamble.
Shake Shack shares fell 2% in morning buying and selling. Papa John’s shares had been down 6%.
Copyright 2024 The Associated Press. All rights reserved. This materials might not be printed, broadcast, rewritten or redistributed with out permission.
