comScore Managers, Hourly Workers Get In On Shake Shack's IPO Riches | Mediaite

Here’s Why Shake Shack Rules: Even Managers, Hourly Workers Get In On IPO Riches

Remember back when we panicked ever-so-slightly that Shake Shack’s IPO would force the company to rethink its very awesome living wages and full benefits? We were wrong. We admit it.

While Danny Meyer was rolling in the riches after Friday’s IPO (to the tune of $400 million), it’s nice to know that the famously fair employer wasn’t forgetting about its other workers. CNN Money reports that every one of the 160 Shake Shack managers got shares of SHAK stock; Crain’s Business confirmed that hourly workers who had been with the company for more than two years had an opportunity to buy shares at the lower price (you know, before the shares exploded and doubled in value.) CEO Randy Garutti said to Crain’s that he was “thrilled” that so many of Shake Shack’s employees had become stockholders.

Said Meyer to CNBC on Friday morning (the day of the opening): “We spoke to our staff this morning, many of whom never even had a a job before starting at Shake Shack — they were here on the floor with us at the New York Stock Exchange, and we said ‘you’re going to see a lot of numbers, hear about a lot about numbers, but this is about your hearts.'” Well done, Shake Shack boys.

[CNN Money, Crain’s Business]

Have a tip we should know? tips@mediaite.com

  1. Mediaite
  2. The Mary Sue
  3. RunwayRiot
  4. Law & Crime
  5. SportsGrid
  6. Gossip Cop