Shake Shack (NYSE:SHAK) is on the hunt for a new CFO, as the current officeholder is stepping down. The "better burger" restaurant chain operator announced Monday that Tara Comonte is departing the company to become CEO of a private business it did not name.
Comonte will remain in her position through May 7. That should take Shake Shack through its first quarter of fiscal 2021 reporting period.
No replacement for her has yet been found. Shake Shack is currently in the process of retaining an outside firm to aid it in the search. This will be led by a dedicated subcommittee of the company's board of directors. Once Comonte departs, her responsibilities will be shared among the remaining C-suite officials until a permanent replacement is hired.
The company heaped praise on its outgoing CFO, with CEO Randy Garutti quoted as saying that "She leaves the company with an incredibly strong team and foundation that is well positioned for our accelerated growth ahead. We're beginning to exit the pandemic, returning to a robust development schedule, leveraging our broad array of new formats and digital channels and continuing to build this beloved global brand."
Like many operators in the restaurant sector, Shake Shack has been badly burned by the coronavirus pandemic. Although the company's restaurants offer a full menu for pickup or delivery and it has done relatively well during the outbreak, its business is still suffering from the lack of dine-in capabilities. In the fourth quarter, its same-restaurant sales were hit with a year-over-year decline of 17%, for example.
Shake Shack's stock didn't do well Monday, declining by nearly 3.7% while the S&P 500 index basically moved sideways.