Shake Shack Announces Executive Changes
January 05 2017 - 4:01PM
Business Wire
The Company to Present at the 19th Annual
ICR Conference
Shake Shack Inc. (“Shake Shack” or the “Company”)
(NYSE:SHAK) today announced that the Board of Directors has
appointed Zach Koff to serve as the Company’s first Chief Operating
Officer. The Company also announced that Jeff Uttz will retire as
Chief Financial Officer in 2017.
Mr. Koff has been leading operations at Shake Shack since the
fourth Shack opened in Miami Beach, FL. Zach has held various roles
as Director of Operations, Vice President of Operations and Senior
Vice President of Operations, as well as being a member of the
Company’s Executive team since the IPO. Mr. Koff held numerous
operations roles at Bravo Brio Restaurant Group prior to joining
Shake Shack in 2010.
Randy Garutti, CEO of Shake Shack, stated, “I am beyond proud of
Zach's leadership over the last six years. He has built the team
and systems that run our restaurants today and has been at the
foundation of Shake Shack's unique and powerful people culture. I'm
thrilled for Zach to move into the COO role and further his impact
around the greater strategy and execution of our rapid growth
ahead.”
The Company also announced that Jeff Uttz will retire as Chief
Financial Officer in 2017. Mr. Uttz will remain in his current role
through mid-March to oversee the Company's fiscal 2016 reporting
period. The Company has retained Russell Reynolds to initiate an
immediate search for a new Chief Financial Officer.
Randy Garutti, CEO of Shake Shack, stated, “On behalf of myself,
our Board and all of our team members, I wish to thank Jeff for his
many contributions during his time at Shake Shack. Jeff set a very
high standard leading Shake Shack through its IPO and beyond, and
we will now search for a new CFO to help guide us through what will
be an unparalleled period of growth for our company.” Mr. Garutti
continued, “While we have not closed the books on the fourth
quarter yet, we remain confident in the 2016 financial guidance
ranges we provided in our third quarter press release and earnings
call, yet we did experience higher than expected labor in the
Shacks in Q4 as we began to institute raises in concert with our
labor strategy to support increased growth. We were happy to be
able to pull forward our 20th Shack of the year in mid-December in
Christiana, DE, ending the year on a high note.”
Jeff Uttz commented, “It has been an honor to help lead this
great brand and I am proud of what we have accomplished. After 25
years in restaurant finance, I have been fortunate enough to work
with several great brands, particularly Shake Shack. I am grateful
to have had the opportunity to work with such a passionate and
driven group of people and I wish the Company and all of its team
members the very best.”
Jeff Uttz has served as Shake Shack’s Chief Financial Officer
since September 2013. Prior to joining Shake Shack, Mr. Uttz was
the Chief Financial Officer of Yard House, where he led the
expansion of Yard House from three units when he began to over 40
units when Yard House was acquired by Darden Restaurants, Inc.
Prior to Yard House, Mr. Uttz held a number of positions at CKE
Restaurants, Inc.
The Company will also be presenting at the 19th Annual ICR
Conference at the JW Marriott Orlando Grande Lakes in Orlando,
Florida on Tuesday, January 10, 2017. Randy Garutti, Chief
Executive Officer and Jeff Uttz, Chief Financial Officer will be
presenting. The presentation will begin at 9:30 a.m. Eastern Time
and will also be webcast live from the Company's Investor Relations
website at http://investor.shakeshack.com.
About Shake Shack
Shake Shack is a modern day “roadside” burger stand known for
its 100% all-natural Angus beef burgers and flat-top vienna beef
dogs (no added hormones and no antibiotics ever), 100% all-natural
cage-free chicken (no antibiotics ever), spun-fresh frozen custard,
crinkle cut fries, craft beer and wine (available at select
locations) and more. With its fresh, simple, high-quality food at a
great value, Shake Shack is a fun and lively community gathering
place with widespread appeal. From its premium ingredients and
caring hiring practices to its inspiring designs and deep community
investment, Shake Shack’s mission is to Stand For Something Good®.
Since the original Shack opened in 2004 in NYC’s Madison Square
Park, the company has opened multiple locations in 16 states and
the District of Columbia, as well as international locations
including London, Istanbul, Dubai, Tokyo, Moscow, Seoul and
more.
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version on businesswire.com: http://www.businesswire.com/news/home/20170105006381/en/
Investor:ICRMelissa Calandruccio / Michelle
Epstein844-SHACK-04
(844-742-2504)investor@shakeshack.comorMedia:Shake
ShackEdwin Bragg, 646-747-6654ebragg@shakeshack.com
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