: Shake Shack launches search for new chief executive

Shake Shake Inc.’s stock SHAK was down by 1% in premarket trading on Monday after it said it’s launching a search with consultant Korn Ferry for a new chief executive because Randy Garutti plans to retire in 2024 after 20 years at the milk shake and burger chain. Shake Shack said it will retain Garutti as an advisor following his work as chief executive through the end of 2024 in order to “ensure a proper transition.” For the fourth quarter, the company continues to expect revenue of $276.25 million to $281.75 million, compared to the FactSet consensus estimate of $280.5 million. The company expects same-store sales in the fourth quarter to rise by the low single-digits over the year-ago period, with about 14 domestic company-operated openings and five licensed openings.

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