Leadership

Chipotle's longtime CFO Jack Hartung to retire next year

Adam Rymer, Chipotle's vice president of finance, will step into the CFO role in January, and the two will work together for three months to smooth the transition.
Hartung has been with the fast-casual brand since 2002, when Chipotle had only 200 units. | Photo: Shutterstock.

Jack Hartung, who has served as Chipotle’s CFO for nearly 25 years, on Tuesday announced plans to retire in March 2025.

As a result, Chipotle has named a new CFO, Adam Rymer, who will step into the job on Jan. 1. Rymer has been with the company since 2009 and is the current vice president of finance. He has reported to Hartung, directly and indirectly—and has been mentored by Hartung—over the years. The two will work together for the first quarter of 2025 to ensure a smooth transition, the company said.

Jack Hartung

Jack Hartung. | Photo courtesy of Chipotle.

In addition, Chipotle has named Jamie McConnell to the role of chief accounting and administrative officer, also effective Jan. 1. She currently serves as vice president, comptroller, with responsibility for the corporate accounting, financial reporting, tax, internal audit, accounting shared services, licensing and payroll functions.

For Hartung, who joined the fast-casual chain in 2002 as CFO when Chipotle had only 200 restaurants, it will be the end of an era.

He had worked previously in various management positions with McDonald’s, which owned Chipotle before the fast-casual chain went public in 2006. Hartung was CFO through the successful IPO, and subsequent growth, as well as the foodborne illness crisis that came later, resulting in the departure of founder and co-CEO Steve Ells, who was succeeded by current CEO Brian Niccol.

Hartung stayed in the chief finance chair through COVID, as well as Chipotle’s subsequent growth as a digital business. The Newport Beach, California-based chain currently has nearly 3,500 units, and has the goal of reaching 7,000 across North America.

Hartung told Forbes in an interview earlier this year that Chipotle has never had debt. The company raised more than $100 million through the IPO and its cash balance has never dipped below that amount since, which has allowed Chipotle to sustain and invest in its future.

“I want to thank Jack for his friendship, leadership and many contributions to Chipotle,” said 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.”

Niccol also welcomed Rymer to the role, saying the choice “is a testament to our strong talent bench and thoughtful succession planning.”

Adam Rymer

Adam Rymer. | Photo courtesy of Chipotle.

Hartung, meanwhile, in a statement said Chipotle has a long runway of profitable growth ahead.

“It has truly been an honor and a privilege to serve as Chipotle’s CFO and deliver on our purpose of Cultivating a Better World,” he 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.”

 

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