At a Glance

  • Salad chain Sweetgreen announced in a press release and securities filing on Thursday that it has appointed Chipotle's Chief Accounting Officer, Jamie McConnell, as its newChief Financial Officer (CFO), effective September 22. McConnell will succeed Mitch Reback, who isretiring。
  • after a decade as the salad chain's finance chief. Reback, who has served as CFO of the Los Angeles-based chain since 2015, will step down on September 21 and remain with the company for six months as an advisor following his departure, according to Thursday's press release.
  • "We thank Mitch for everything he has done for Sweetgreen over the past decade. We wish him all the best in his retirement and appreciate his support during this transition," a company spokesperson said in an email to CFO Dive. "We look forward to Jamie's contributions as CFO in helping us achieve our mission and vision of redefining the future of fast food."

Deep Dive

During his decade as finance chief, Reback helped the salad chain grow from "just a handful of restaurants" and "built the company's financial infrastructure from the ground up, implementing key systems, controls, and processes," the company said in the press release. He also "played a central role" in Sweetgreen'sinitial public offering (IPO)in 2021.

Reback will remain with the company immediately following his retirement to assist with a smooth CFO transition. He will receive a monthly service fee of $7,500 during his six-month consulting period, according to a filing with the U.S. Securities and Exchange Commission.

McConnell will succeed Reback after a seven-year tenure at restaurant chain Chipotle. She previously served as an assistant controller at Rent-A-Center and spent six years at Big Four accounting firm Deloitte, according to her LinkedIn profile.

As Sweetgreen's finance chief, McConnell will receive anannual base salary of $550,000, and will be eligible for an annual discretionary bonus with a target of 75% of her base salary, according to company documents. She will also receive a new hire equity award consisting of 150,000 restricted stock units and an option to purchase 300,000 shares of common stock, the filing shows.

This CFO appointment marks the latest in a series of executive changes at the company. It comes shortly after Sweetgreen named Zipporah Allen, formerly of Taco Bell and Pizza Hut, as itsChief Commercial Officeron September 2, according to a company press release. In May,Sweetgreen also named Jason Cochran— previously CEO and board member of American West Restaurant Group, the third-largest Pizza Hut franchisee — as Chief Operating Officer.

The three executive appointments come as the company seeks to boost financial performance amid persistent economic headwinds and shifting consumer sentiment, executives said on an August 7 second-quarter earnings call. Measures includecutting 10% of existing corporate rolesand restructuring some teams, Reback said on the quarterly earnings call.

For the second quarter ended June 29, Sweetgreen reported total revenue of $185.6 million, up 0.5% year over year, according to its earnings report. Same-store sales fell 7.6%, while the company — which despite a loyal following remains largely unprofitable — reported a net loss of approximately $23.1 million for the quarter, compared with a net loss of $14.7 million in the same period last year.

"I want to be clear that we are not satisfied with the results we announced today," Sweetgreen CEO and co-founder Jonathan Neman said on thesecond-quarter earnings call. The chain's results "reflect a combination of multiple external headwinds and internal actions," he said, including a more cautious consumer environment and internal friction related to its loyalty program.

On the August 7 call, Reback attributed the quarter's net loss primarily to a $6.4 million decrease in restaurant-level profit and a $5.3 million impairment for five underperforming restaurants — including the closure of two restaurants and three others that remain open, he said.

The company is also taking several steps to boost same-store sales in response to declining traffic, particularly in core urban markets, executives said on the call. Sweetgreen has taken actions such as closing some "lower-volume" locations in areas like New York City and directing traffic to nearby larger restaurants, Reback said. For full-year 2025, Sweetgreen expects to open at least 40 new restaurants in four new markets, including Arkansas and Sacramento, California, Phoenix, and Cincinnati, he said.

For the full year, Sweetgreen expects revenue between $700 million and $715 million, with same-store sales expected to decline between 6% and 4%, according to its earnings report.