Shake Shack, one of the newest big names in the fast-food game, will be saying goodbye to CEO Randy Garutti in 2024 — after leading the burger and milkshake chain for more than 20 years.
While Garutti will remain in charge until a successor is found, his reign has seen the company grow from a hot dog cart in Eleven Madison Park, to a single Shake Shack kiosk, to a 500-location strong taste titan spanning 18 countries. But, having opened 30 new restaurants so far in 2023, with plans to open another 40 next year, the chain is still playing ketchup with the fast-food behemoths.
While raw sales have been booming for some time, the slim profit margins that we were charting in February may have grown fatter — Shake Shack anticipates that it will surpass $1 billion in revenue this year for the first time in its history.
