Olshan Client Engaged Capital Reaches Agreement with Shake Shack for Board Representation, Hiring of Consulting Firm and Governance Improvements

Bloomberg, Reuters, The Deal (subscription required) and other media sources reported on the agreement reached between Olshan client Engaged Capital and Shake Shack pursuant to which two new independent directors will join Shake Shack’s board and the company agreed to retain a consulting firm to support operational initiatives to improve restaurant execution, cost structure and profitability. As part of the agreement, Chairman Danny Meyer also agreed to an immediate reduction and subsequent elimination of his director designation rights. Vice Chair of Olshan’s Shareholder Activism Practice Group Ryan Nebel led the Olshan team that handled the matter, which also included Steve Wolosky, Ian Engoron and Joseph Ferrone.