Guzman y Gomez founder and CEO, Steven Marks, is stepping back from day-to-day operations and is on the search for a new CEO.

Marks is a major shareholder in the business, and a board member. A statement from the company indicates he will remain involved in the business, harnessing his skills to focus on brand and food, and helping drive company culture and growth.

GYG says Marks’ decision has the support of shareholders and staff.

Marks said in a statement, “Many people know that it’s always been my dream for GYG to IPO and whenever that happens, I want to ensure I have a world class and experienced team in place to lead GYG well into the future.

“This is simply the next phase in GYG’s evolution as we continue to attack a massive global opportunity of delivering fresh, clean food to the fast food industry.

Guzman seeks new CEO as founder steps back but stays involved

“I could not be more proud that our team are now ready for this challenge. I’ve never been more confident in our future and I’m excited to be able to focus on the things I love which are brand and food. I am not leaving the business, I’m
just changing the way I help this incredible team.”

Marks built the business from a single store in Newtown in 2006 to its current footprint of 170 stores. In 2020 GYG launched into the US market, following international growth in Singapore and Japan, with American-born Marks taking the brand back to his home country.

In October 2022 the Mexican fast food chain was valued at $1.5 billion when Aware Super led a secondary share sale in the business, supported by Point King Capital and Athletic Ventures. It was the third consecutive investment in the Mexican food chain.

This story was originally published on Franchise Executives.