Chipotle announces upcoming retirement of CFO Jack Hartung

Investing.com - Chipotle Mexican Grill Inc (NYSE:CMG) revealed today that its Chief Financial Officer, Jack Hartung, is set to retire on March 31, 2025, after nearly a quarter-century with the company. Hartung has held the CFO position since 2002.

Adam Rymer, a seasoned Chipotle executive with 15 years of experience with the company, is slated to take over from Hartung as CFO starting January 1, 2025. Rymer, who has been with Chipotle since 2009 and currently serves as Vice President of Finance, overseeing Corporate Finance, Field Finance and Investor Relations, has been directly or indirectly mentored by Hartung throughout his tenure.

As CFO, Rymer will serve on Chipotle's executive leadership team, reporting directly to Brian Niccol, Chairman and Chief Executive Officer. Hartung will continue in his current role until the end of the year, staying on until March 31, 2025, to facilitate a seamless transition.

Brian Niccol, Chairman and CEO, expressed his gratitude to Hartung, stating, "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."

Reflecting on his time at Chipotle, 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."

He also expressed confidence in Rymer, noting, "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."

Furthermore, Jamie McConnell, currently serving as Vice President, Controller, will step into the role of Chief Accounting and Administrative Officer on January 1, 2025, reporting to Rymer. McConnell has been under Hartung's mentorship since joining Chipotle in 2018.

Hartung expressed confidence in McConnell and the deep bench of financial and accounting talent at Chipotle, believing they will help take the company to new heights in the coming years.