Dive Brief:
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Fast-casual chain Shake Shack has named Katherine Fogertey CFO, effective June 14. She will lead company-wide financial operations, including accounting and control, financial planning and analysis, operations finance, investor relations and external reporting, and will be based in the company's New York City office.
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Fogertey has spent the last near-16 years at Goldman Sachs as an analyst covering the restaurant sector, focusing on the impact of tech and identifying potential growth opportunities. Prior to that, she was a lead analyst for the bank’s derivatives and exchange-traded funds (ETF) research.
- Fogertey replaces Tara Comonte, who left the chain in March to become CEO of TMRW Life Sciences, a biotech company focused on in vitro fertilization (IVF), where she is a founding member of the board of directors.
Dive Insight:
“[Fogertey] brings extensive financial experience, knowledge of our brand and deep industry and capital markets insights,” Shake Shack CEO Randy Garutti said in a statement. “I know Katie will be a natural fit in our Shake Shack culture, and I’m looking forward to working with her and our entire team as our business enters a new phase of exciting growth ahead.”
“I am beyond thrilled to be joining the team at such a pivotal time in the Company’s journey,” Fogertey said. “The Shack brand is stronger than ever and well positioned to capitalize on all the many opportunities ahead."
Shake Shack reported 12% lower revenue in 2020 than in 2019. Last spring, it received $10 million in federal coronavirus aid, which sparked criticism from commentators who said the assistance was intended for hard-hit small and medium-sized businesses. The company returned the aid, saying it had received additional funding from investors.