Chipotle’s outgoing CFO, Jack Hartung, has postponed his retirement and agreed to remain with the company after its CEO Brian Niccol was named Starbucks’ new CEO.
Adam Rymer, Hartung’s successor, will continue his transition to CFO, set for early 2025. Hartung will serve as president of strategy, finance and supply chain to “ensure a smooth transition,” according to Chipotle.
Hartung is currently one of the longest-tenured CFOs of any publicly traded company in history. He joined as the company’s inaugural CFO in 2002 and was hired by Chipotle founder Steve Ells. Throughout Hartung’s tenure, the company has grown year over year, remained attractive to investors through internal and external challenges and stayed debt-free.
Starbucks’ CFO, Rachel Ruggeri, will take over as interim CEO at the coffee chain until Niccol joins on Sept. 9. Ruggeri has been CFO since 2021.
Starbucks, which is undergoing an overhaul induced by Elliott Management, has been dealing with issues regarding employee unionization, customer pricing concerns and failing to meet revenue expectations. As a result, the company ousted CEO Laxman Narasimhan on Tuesday. Narasimhan took over as Starbucks’ CEO in March 2023.
Niccol recently made headlines when he instructed Chipotle customers to pressure workers for “a little extra” in response to trending social media posts regarding portion sizes at the fast-casual restaurant. Niccol, alongside Hartung, navigated the company through the pandemic, implemented new menu items and introduced new technology across the business.
Starbucks’ board may also be interested in Niccol for the hard stance he took on unionization efforts by Chipotle employees, something Starbucks’ previous leadership has struggled with for years despite efforts to offer competitive benefits.
During the transition, Niccols will not only have to prove his worth to investors with shaky confidence but also former CEO Howard Schultz, whose involvement in the company has never fully ceased. He has had three separate CEO stints at the company and in 2023 was given his current title of lifelong chairman emeritus.
