Shake Shack (SHAK) has released an update to notify the public and investors about its officers.
Shake Shack Inc. and its CEO, Randall Garutti, have agreed on a Transition and Advisory Agreement as Garutti plans to retire in 2024. Garutti will continue as CEO and executive Board member until his successor is appointed or until May 24, 2024, after which he will serve as a Special Advisor to assist with the transition through the end of the year. He will not be eligible for an Annual Equity Award for 2024 but will receive a prorated bonus for the first half of the year and accelerated vesting of certain Restricted Units if he stays beyond March 16, 2024. Garutti’s decision to resign is not due to any disagreements with the Company.
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