Red Lobster is actively searching for its next CEO, according to a 25 June announcement.
Kim Lopdrup, the current CEO of the Thai Union Group-owned seafood restaurant chain, plans to retire once “a highly-qualified successor is in place,” the company said in a press release. The Elliot Group has been hired by Red Lobster to find Lopdrup’s replacement.
Lopdrup, who has led the franchise for 14 years, said it is well-positioned for his successor.
"The pandemic is finally winding down, and Red Lobster has emerged with the best menu we've ever had, vastly-improved off-premise systems, a stronger business model and over 10 million members in our award-winning loyalty program, My Red Lobster Rewards. We have great initiatives in the pipeline and a terrific leadership team in place. I'm confident we are well-positioned to attract an outstanding new CEO who can lead Red Lobster to greatness over the next generation," Lopdrup said.
Over the course of his tenure with Red Lobster, Lopdrup has overseen three turnarounds. The first came when he was serving as president of the brand from 2004-2011, when it was owned by Darden Restaurants. In 2014, when Red Lobster became an independent company, Lopdrup returned as CEO and helmed a second turnaround. The last 16 months saw him guide the company through its most challenging period yet: the COVID-19 pandemic.
"The COVID-19 pandemic was the greatest challenge Red Lobster has ever faced. We had to make rapid pivots to keep everyone safe and meet our guests' needs for safe, convenient off-premise experiences with Rapid Red Curbside Pick-Up, delivery, and the introduction of Family Feasts," Lopdrup said. "We tripled our off-premise sales and then gradually reopened dining rooms as COVID-19 faded. We have hired about 20,000 employees since the beginning of January."
Red Lobster’s employees are largely to thank for the success of its most recent turnaround during the pandemic, he added.
"Our employees are heroes," Lopdrup said. "Our team's loyalty, resilience and hard work during the pandemic was incredible. Our people truly are the heart and soul of Red Lobster."
The company’s shareholders and its board, Lopdrup said, provided much-needed support as Red Lobster navigated pandemic obstacles.
"Our owners and board are very committed to Red Lobster's long-term success. I would especially like to thank Thiraphong Chansiri, Rittirong Boonmechote, Phil Hickey, Paul Kenney and Ravi Singh for being outstanding partners as we navigated through an unprecedented period,” he said.
Lopdrup said he intends to remain on the boards of Boards of Wawa and Bob Evans Restaurants in his retirement. He plans to also continue serving as chairman of the board for Kalera, a vertical farming company specializing in the production of produce in controlled environments using plant science, a seat he accepted in May.
Photo courtesy of Red Lobster
