Square just announced that Randy Garutti, the CEO of Shake Shack, is joining the payment company’s board of directors.
Garutti has been with Shack Shack since before they opened their first location in 2004, and led the company public in their 2015 IPO. Garutti has spent his entire career in the hospitality business, and will undoubtedly come to Square with an insider’s perspective. Prior to leading Shack Shack, Garutti was director of operations at the famous New York-based Union Square Hospitality Group.
While Square originally launched with the goal of letting anyone accept credit card payments with their phone, it has since shifted its focus to bigger industries, including retail and hospitality. Specifically, its point-of-sale and employee management software (and hardware) are designed for restaurants of all sizes. Square also works directly with restaurants via Caviar, the food delivery service it acquired in 2014.
So for a company whose future growth prospects at least somewhat are dependent on it succeeding in the hospitality space, it makes total sense to bring an experienced restauranteur onboard to help shape those ambitions.
Square’s board also includes Jack Dorsey, Roelof Botha, Paul Deighton, Jim McKelvey, Mary Meeker, Ruth Simmons, Larry Summers and David Viniar… none of whom have a hospitality background.