Thai Union-backed Red Lobster, the largest seafood restaurant chain in the United States, has named a new CEO.
Red Lobster said Friday it has promoted Horace Dawson to the role, who will also be joining the company's board. Since 2014, Dawson served as the executive vice president and general counsel of Red Lobster where he led legal affairs and was responsible for communications, risk management and government relations.
The executive is a 30-year restaurant industry expert, having also served in key roles for Darden Restaurants, Inc and Hard Rock Cafe International.
He has also worked in the entertainment, securities, corporate and communications areas for Telemundo Network, the Spanish language television broadcaster and for New York City law firms.
Dawson also has experience in private practice, having handled matters in the corporate and securities areas at the Akerman law firm.
Dawson joins Red Lobster as the company appears headed for a turnaround, according to its latest financial data.
In 2018, Thai Union acquired a 25 percent stake in Red Lobster, the world's largest seafood restaurant chain with over 700 locations, in 2016 for $575 million (€589 million). In 2020, the company joined with a group of investors to acquire the remaining stake from private equity group Golden Gate Capital, but has since been struggling.
Already in questionable financial health, its business was deeply impacted by the shutdown of the US foodservice sector and the forced closure of roughly a third of its restaurants at the height of the coronavirus pandemic.
Last year, Thai Union Group CEO Thiraphong Chansiri toured Red Lobster restaurants ahead of a new plan to turn around the struggling chain.
In August, the restaurant posted a THB 94 million (€2.5 million/$2.7 million) share of loss from operations compared to that of THB 281 million (€7.3 million/$8.0 million) in the same period in 2022.
The results were also more optimistic than analysts had predicted, with net earnings and gross profits beating estimates from Bualuang Securities.
Looking ahead to the remainder of 2023, Thai Union said it will reinforce its profit protection plan measures globally to improve profitability, targeting cost savings and greater cost efficiencies in all operations, with Red Lobster
Dawson said in a statement he plans to address the challenges the restaurant "in light of industry headwinds" and to deliver results.
