Relationship with Red Lobster is 'done and over with'
Red Lobster’s new CEO Jonathan Tibus has his work cut out for him as he takes the reins of a brand that has lost the confidence of its lead investor, Thai Union Group PCL.
In a Feb. 19 analyst call, Thai Union CEO Thiraphong Chansiri said his company’s relationship with Red Lobster is coming to an end, and is on track to divest itself of its shares of the Orlando-based restaurant chain, as it announced it would in January.
Global seafood company Thai Union — which owns Chicken of the Sea, King Oscar and other recognizable canned fish brands — has owned about 38% of Red Lobster since 2020. The remaining shares are owned by a consortium comprised of Thai Union, an investor group of global restaurateurs and hospitality industry executives, and Red Lobster management.
About 20 minutes into the call, Chief Financial Officer Ludovic Garnier, flipping to a Red Lobster overview slide, said it was unlikely Red Lobster updates would be provided in future investors’ calls given the exit underway.
