Dive Brief:
- Chipotle CFO Jack Hartung will retire, effective March 31, 2025, after nearly 25 years at the company, Chipotle said in a press release Tuesday.
- Adam Rymer, who has been with the chain since 2009 and serves as vice president of finance, will become CFO on Jan. 1. He has been overseeing corporate finance, field finance and investor relations.
- During the past 15 years, Rymer has been directly or indirectly reporting to and mentored by Hartung. He has held various finance positions throughout the company.
Dive Insight:
Hartung started working at Chipotle in 2002 when there were less than 200 units. The decision to close out his career comes at a time when Chipotle controls over 3,500 units. He helped the chain through its initial public offering in January 2006, when its stock price was $22. In June, he helped the company execute a 50-for-1 split. The company also plans to open 285 to 315 new units this year, mainly in North America, bringing it closer to 4,000 units.
“Jack is one of the best CFOs in the business, and he has played an instrumental role in helping Chipotle deliver unprecedented growth while building our culture and multiple, strong teams with deep expertise,” Chipotle CEO Brian Niccol said in a statement. “I’m also pleased to have Adam Rymer succeed Jack as CFO which is a testament to our strong talent bench and thoughtful succession planning.”
Chipotle said Hartung will stay on for three months after Rymer assumes the CFO role in order to “help ensure a smooth transition.”
In addition to Hartung’s retirement, Jamie McConnel will become chief accounting and administrative officer on Jan. 1, reporting to Rymer. She has been at Chipotle since 2018 and currently serves as vice president, controller, responsible for corporate accounting, financial reporting, tax, internal audit, accounting shared services, licensing and payroll functions.
