Shares of fast-food chain Shake Shack (NYSE:SHAK) jumped 6.8% in the morning session after the announcement that Randy Garutti, the CEO of the company, will retire in 2024 upon the selection of his successor. The Board of Directors, spearheaded by Korn Ferry, has commenced an external search for a suitable replacement. Additionally, the company reaffirmed its Q4 and FY'23 guidance, indicating that the leadership transition is not expected to have a significant short-term impact, reassuring investors.
SHAK has a positive trend in the short term, as it has risen by 10.67% in the last 5 days and crossed above its 20-day and 50-day moving averages.