Shells Names Bernstein CEO
Shells Seafood Restaurants on Wednesday announced Marc Bernstein has been named CEO, effective April 14.
Bernstein previously served as director of operations at Dallas BBQ, a chain of seven restaurants in New York. Prior to that, he was the owner and operator of several restaurant concepts in the New York area.
"We are delighted to welcome someone with [Bernstein's] extensive restaurant experience to lead Shells through these difficult economic times," said Philip Chapman, Shells chairman, in a press release. "His high energy, hands-on management style will be ideal for leading the Shells brand back toward financial stability, profitability and growth."
Tampa-based Shells Seafood Restaurants manages and operates 23 full service seafood restaurants in Florida. In March, the company reported its 2007 revenues were down 13.3 percent from the previous year, a net loss of $4.4 million. Bernstein replaces Leslie Christon, who stepped down after the company lost nearly $10 million on $187 million in revenues during her tenure.
Bernstein will receive an annual salary that, at $338,000, is 25 percent higher than Christon's. He will also be eligible for a $40,000 guaranteed bonus in his first year of employment and an option to buy 3.5 million shares of the company's common stock.