(Reuters) - Shake Shack said on Thursday it has named Papa John's International's CEO Rob Lynch as its chief, succeeding Randy Garutti, who is retiring after spending more than two decades at the burger chain.
Garutti, who steered the company through its initial public offering in 2015, would transition to an adviser through the end of this year, Shake Shack said.
The appointment of Lynch, who has more than 25 years of experience combined in quick service restaurants and consumer packaged goods industries, will be effective May 20.
He will be in an advisory role at pizza chain operator Papa John's until April 30.
At Papa John's, Lynch has driven global system-wide sales of more than $5 billion across about 5,900 locations, Shake Shack said.
Through his career, Lynch has held top positions at sandwich restaurant brand Arby's and Taco Bell and held senior roles at HJ Heinz Company and Procter & Gamble.
Shake Shack topped market expectations for quarterly earnings in February, propelled by higher prices and consumers' strong appetite for its gourmet burgers and spicy fries.
Shares of Shake Shack were down 4.3% before the bell, while Papa John's was flat.
Through 2023, Shake Shack stock rose 78% and was up 47% so far this year.
(Reporting by Savyata Mishra in Bengaluru; Editing by Shilpi Majumdar)
Did you find this insightful?
Bad
Just Okay
Amazing