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Chipotle Mexican Grill's CFO Hartung to retire next year

Published 07/09/2024, 04:23 PM
Updated 07/09/2024, 05:16 PM
© Reuters. FILE PHOTO: The logo of Chipotle is seen on one of their restaurants in Manhattan, New York City, U.S., February 7, 2022. REUTERS/Andrew Kelly/File Photo

(Reuters) -Chipotle Mexican Grill said on Tuesday that Jack Hartung, its long time veteran, would be stepping down and retiring from his role as finance chief of the company effective March 31.

Adam Rymer, who has been with Chipotle (NYSE:CMG) for 15 years and most recently served as its vice president of finance, would be succeeding Hartung and assuming the role of CFO beginning Jan. 1, the company said.

Hartung had been Chipotle's chief financial officer since 2002 and had been with the company for 25 years, joining it after spending 18 years at burger chain McDonald's (NYSE:MCD).

Under Hartung, the burrito and rice bowl maker had achieved extensive expansion and boosted automation testing, including the implementation of automated avocado processors that cut guacamole preparation time by 50% and robotic dual-sided grills to speed up cooking.

"I started working with Chipotle when there were less than 200 restaurants, and with over 3,500 today, I'm confident Chipotle has a long runway of profitable growth ahead," Hartung said in a statement.

© Reuters. FILE PHOTO: The logo of Chipotle is seen on one of their restaurants in Manhattan, New York City, U.S., February 7, 2022. REUTERS/Andrew Kelly/File Photo

Chipotle also said that Jamie McConnell would assume the role of chief accounting and administrative officer on Jan. 1.

Shares of the company were marginally down in extending trading after having closed down 3.4% on Tuesday.

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