On the latest episode of Executive Exchange, Leadership Editor Ruth Umoh sits down with legendary Shake Shack founder Danny Meyer and former CEO Randy Garutti to discuss the latter's departure, what he accomplished at the burger empire for over 2 decades, and what lies ahead for the brand.
What started out as a hotdog cart in Madison Square Park in 2001, has now transformed into a $4 billion global behemoth. Former CEO Randy Garutti talks about working alongside Danny for 24 years in the restaurant industry and the impact he's had on his career throughout their time together. Randy leaves the company that now has over 540 restaurants in 19 countries.
Danny reminisces about meeting Randy for the first time at his very first restaurant, Tabla, when he hired him to become manager of the restaurant. But once Shake Shack started to hit its stride in Madison Square Park, Randy was ready to step up to the plate and lead the team.
They also discuss the new CEO, Rob Lynch, stepping in from Papa Johns to lead the team and if there's ever going to be pizza on the Shake Shack menu. Their vision for Lynch is to mold new leaders in the brand to step up into larger roles in the future, just as they had done previously with Randy at the helm.
Finally, the two discuss the latest conflicts in the Israel-Hamas conflict and the boycott that happened at the company as well as what their favorite orders are at Shake Shack. Danny is a little surprised at Randy's go to order.
00:00 - Shake Shack Teaser
00:37 - Intro
01:10 - Welcome Danny and Randy
01:26 - Randy Steps Down As CEO
02:28 - Danny Hiring Randy Initially
04:14 - Randy's POV
06:25 - Randy's Next Step
07:18 - Possible Boomerang CEO?
07:40 - Why It Was Time To Go
11:17 - Rob Lynch Steps In
13:00 - Leadership Qualities At Shake Shack
14:02 - Why They Hired Externally
15:44 - Bringing Pizza To Shake Shack?
16:13 - Two Most Memorable Moments For Randy
17:55 - Transitioning Out After 2024
20:53 - Is Shake Shack Fast Food?
22:06 - Converting To A Chain
22:33 - The Celebrity Meal
25:24 - Inflation Hitting Shake Shack
27:45 - Minimum Wage Rising In California
29:36 - Surge Pricing At Wendy's
32:46 - Leadership Styles
34:58 - Company Culture Changing Over The Years
37:30 - The Israel-Hamas Conflict
39:21 - Danny's Stance On The Conflict
40:08 - Favorite Order At Shake Shack
40:51 - Shake Or Floats? Hot Dogs Or Burgers?
41:12 - Worst Piece Of Advice
42:26 - What Randy Will Miss Most
43:09 - Next For Shake Shack
43:31 - Ruth Trying Shake Shack For The First Time
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