Chipotle’s chief financial officer Jack Hartung has announced his retirement, effective March 31, 2025. Hartung has served in that role since 2002, a remarkably long tenure for a restaurant executive. During that time, he helped drive some of the meteoric growth of the fast casual giant, including a 2006 IPO.
At the time of that market debut, the company’s share price was $22, and its unit count was about 570 locations in 26 states. Shares recently surpassed the $3,000 mark, prompting the company to seek a rare 50-to-1 stock split last month. There are now nearly 3,500 restaurants in the U.S., Canada, the United Kingdom, France, Germany, and Kuwait. Hartung will remain in his position through the end of 2024 and will remain with the company until March 31 to ensure a smooth transition.
"I want to thank Jack for his friendship, leadership, and many contributions to Chipotle," Brian Niccol, CEO/chairman, said in a statement. "Jack is one of the best CFOs in the business, and he has played an instrumental role in helping Chipotle deliver unprecedented growth while building our culture and multiple, strong teams with deep expertise.”
Adam Rymer, a 15-year veteran with the company, will succeed Hartung in the CFO role beginning January 1, 2025. He will serve on the executive leadership team and report to Niccol. Rymer joined Chipotle in 2009 and currently serves as vice president of finance, overseeing corporate finance, field finance and investor relations. According to the company, he has reported directly or indirectly by Hartung throughout his time at Chipotle.
“I'm also pleased to have Adam Rymer succeed Jack as CFO which is a testament to our strong talent bench and thoughtful succession planning. I am confident he is the right leader to take on this important role and continue to deliver on our purpose, culture and financial success,” Niccol said.
In a statement, Hartung said, “I have been fortunate to work for such a great brand with amazing people, and I am proud of the significant impact we have made on elevating food culture, as well as successfully driving our compelling growth strategy and unlocking considerable shareholder value over the years. 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 led by the best team in the industry.
"I've had the privilege of working with Adam Rymer for the last 15 years and I am confident that his deep understanding of Chipotle and the restaurant industry, coupled with his strong financial and senior leadership experience, will help to ensure Chipotle's future success.”
The company also announced that Jamie McConnell will assume the role of chief accounting and administrative officer on January 1, 2025, reporting to Rymer. Since joining Chipotle in 2018, McConnell has reported directly to and been mentored by Hartung. She currently serves as vice president, controller, with responsibility for the corporate accounting, financial reporting, tax, internal audit, accounting shared services, licensing and payroll functions.
Contact Alicia Kelso at [email protected]