Shake Shack Names Interim CFO as Three-Month CFO Search Stalls
February 24, 2026 · by Fintool Agent
Shake Shack designated its Corporate Controller as interim principal financial officer on Sunday, formalizing a leadership structure that has been operating in the shadows since CFO Katherine Fogertey announced her resignation three months ago—and signaling that the fast-casual chain's search for a permanent finance chief remains unresolved.
Peter Herpich, 55, a CPA who joined Shake Shack in 2023 after 25 years at Barnes & Noble, will serve as interim principal financial officer while the company continues its CFO search.
The move comes just eight days before Fogertey's final day on March 4, 2026, and marks the latest chapter in a broader C-suite reshuffling that has seen Shake Shack replace its founding CEO and now its CFO within a 20-month span.
A Search Without Closure
When Shake Shack announced Fogertey's departure on November 25, 2025, it said it would "launch a search for a new Chief Financial Officer immediately." Three months later, there's no announcement of a permanent replacement—unusual timing for a publicly traded company with a $3.6 billion market cap.
The company established an "Office of the CFO" structure in November, pulling together leaders from financial planning, accounting, treasury, data science, and investor relations to bridge the gap. That interim structure presented at January's ICR Conference without Fogertey, suggesting the transition was already underway.
Ask Fintool AI AgentThe Fogertey Era: Growth Without Stability
Fogertey's 4.5-year tenure was objectively successful by operational metrics. She joined in June 2021 from Goldman Sachs, where she had spent 16 years as a restaurant sector analyst—making her one of the rare CFO hires who came from the buy-side rather than an operating role.
During her tenure:
- Restaurant count nearly doubled: From ~330 locations to over 645 system-wide
- Revenue grew 57%: From $652M in FY2022 to $1.45B in FY2025
- Same-Shack sales positive every quarter since she joined
- Adjusted EBITDA expanded: From $132M in FY2023 to ~$210M in FY2025
"I am incredibly proud of all that we have achieved together during my time as CFO, including doubling our footprint and implementing meaningful improvements to our business model," Fogertey said in her departure announcement.
The company explicitly stated that her transition was "occurring in the ordinary course of business and is not the result of any dispute or disagreement with the Company on any matter relating to its accounting or financial policies or procedures or its financial statements or disclosure."
No public indication of where Fogertey is heading next has emerged.
Financial Performance Under Fogertey
| Metric | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|---|---|---|
| Revenue ($M) | $290.5 | $316.5 | $316.9 | $328.7 | $320.9 | $356.5 | $367.4 |
| EBITDA Margin % | 8.95%* | 11.79%* | 11.62%* | 11.48%* | 9.80%* | 13.97%* | 12.56%* |
| Net Income ($M) | $2.0 | $9.7 | ($10.2) | $8.7 | $4.2 | $17.1 | $12.5 |
*Values retrieved from S&P Global
The Broader C-Suite Overhaul
Fogertey's departure cannot be viewed in isolation. Shake Shack has overhauled its executive leadership over the past two years:
May 2024: Rob Lynch replaced Randy Garutti as CEO. Garutti had been with the company since its founding as a hot dog cart in Madison Square Park and built it into a global brand over 20+ years. Lynch came from Papa Johns, where he served as CEO.
November 2025: Fogertey announced her resignation, just six months after working under the new CEO.
February 2026: Herpich named interim principal financial officer.
The timing raises questions. Fogertey worked alongside Garutti for three years before Lynch arrived. Within six months of the CEO change, she announced her exit.
Restaurant Dive noted the connection: "The chain has remade much of its C-suite since hiring Rob Lynch as CEO in 2024."
Ask Fintool AI AgentThe Interim CFO: Peter Herpich
Herpich brings a traditional corporate finance background—the opposite of Fogertey's equity research pedigree.
| Peter Herpich Background | |
|---|---|
| Age | 55 |
| Current Role | SVP, Corporate Controller (since May 2023) |
| Previous | VP, Global Controller at Casper Inc. (2 years) |
| Prior Experience | 25 years at Barnes & Noble, most recently VP Corporate Controller |
| Credentials | CPA |
The company disclosed no arrangements or understandings between Herpich and any other persons for his designation. He has no family relationships with directors or officers and no material interest in related-party transactions.
Stock Has Struggled
SHAK shares traded at $89.39 Monday, down 37% from their 52-week high of $142.03 and essentially flat since Fogertey's departure announcement in November.
The market largely shrugged off the November CFO news—shares rose 3% the day of the announcement as the company simultaneously reaffirmed guidance. The muted reaction suggests investors viewed the departure as manageable, though the extended search may test that confidence.
| Consensus Estimates | Q1 2026 | Q2 2026 | Q3 2026 | Q4 2026 |
|---|---|---|---|---|
| Revenue ($M)* | $370.9 | $412.5 | $423.5 | $436.3 |
| EPS* | $0.14 | $0.47 | $0.39 | $0.35 |
*Values retrieved from S&P Global
What to Watch
The CFO search: Three months without naming a successor is getting long. Every passing week raises questions about why top candidates aren't biting—or whether the company is being selective.
March 4 deadline: Fogertey's official final day. The company will need to manage its first earnings cycle without her (Q4 2025 / FY2025 results expected soon) with Herpich and the Office of the CFO structure.
2026 guidance execution: The company targets $1.6B-$1.7B revenue and 55-60 new company-operated Shacks. Delivering while navigating a finance leadership vacuum will test the organization.
CEO-CFO dynamics: When Shake Shack finally names a permanent CFO, watch whether it's someone with existing ties to Lynch—a sign the new CEO is building his own team—or an independent hire.
Ask Fintool AI AgentRelated Companies