Chipotle Mexican Grill announced on Tuesday that the company’s longtime chief financial officer, Jack Hartung, is retiring, which caused its stock to slide. Hartung will officially step down on March 31, 2025, with Chipotle veteran Adam Rymer assuming the CFO role.
Hartung has been serving as Chipotle’s CFO since 2002, being one of the longest-serving executives in the position in the United States. He previously held several different roles during his 18-year tenure with McDonald’s while serving on the boards of Honest Company and Zocdoc.
During Hartung’s tenure, Chipotle saw its stock rise to $3,000 per share, prompting a recent 50-to-1 split, while the number of locations grew from 570 to more than 3,500.
“I want to thank Jack for his friendship, leadership, and many contributions to Chipotle,” said Chipotle’s CEO Brian Niccol 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. “
The investors didn’t look favorably at the move, and Chipotle’s shares plunged 3.41% on Tuesday, closing at $57.48 per share. The slide continued in the after-hours trading, where the stock took another dip of 0.61%,