Shake Shack taps Goldman Sachs analyst as new CFO

Dive Brief:

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.
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's appointment comes amid signs of recovery at Shake Shake. During Q1 2021, the company reported same-store sales were up 5.7% and revenue increased 8.5% to $155.3 million compared to the year-ago quarter, according to an earnings release. Same-store sales for the fiscal year ending Dec. 30 were down 27.8%, and 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.

"[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."

In March, the company borrowed $225 million to support its plans, which includes opening new units, new store formats and drive-thrus, improvements to the digital guest experience and continued investments in talent. The company expects to open 35 to 40 new units by the end of 2021 and 45 to 50 units in 2022.

"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."