hp business planning manager

HP INC Strategic Planning Manager Salary in the United States

How much does a Strategic Planning Manager make at companies like HP INC in the United States? The average salary for Strategic Planning Manager at companies like HP INC in the United States is $175,367 as of August 27, 2024, but the range typically falls between $156,548 and $195,791 . Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession. With more online, real-time compensation data than any other website, Salary.com helps you determine your exact pay target.  View the Cost of Living in Major Cities

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What does a Strategic Planning Manager do at companies like HP INC?

Strategic Planning Manager manages the analytical and research activities supporting an organization's strategic, short-term, and long-range goal planning function. Oversees data collection and conducts organizational reviews to identify the business's strengths and weaknesses and evaluate operational effectiveness. Being a Strategic Planning Manager leads the research of emerging trends, expansion opportunities, competitive threats, and the viability of outside business partners. Develops recommendations for internal business process improvement. Additionally, Strategic Planning Manager designs and executes methods to track and measure organizational performance data to use for planning. Requires a bachelor's degree. Typically reports to a director. The Strategic Planning Manager manages subordinate staff in the day-to-day performance of their jobs. True first level manager. Ensures that project/department milestones/goals are met and adhering to approved budgets. Has full authority for personnel actions. To be a Strategic Planning Manager typically requires 5 years experience in the related area as an individual contributor. 1 - 3 years supervisory experience may be required. Extensive knowledge of the function and department processes. (Copyright 2024 Salary.com)

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What Does a Business Planning Manager Do?

Find out what a Business Planning Manager does, how to get this job, salary information, and what it takes to succeed as a Business Planning Manager.

The Business Planning Manager plays a strategic role in steering the company’s direction through comprehensive market analysis, forecasting, and resource allocation. This position involves synthesizing complex data into actionable strategies that align with the company’s long-term goals and financial objectives. By closely monitoring industry trends and evaluating business performance, the Business Planning Manager ensures that the organization remains agile and responsive to changing market demands. Collaboration with various departments to develop and implement plans that enhance operational efficiency and profitability is also a significant aspect of the role. Through a balanced approach to risk management and opportunity identification, the Business Planning Manager supports the company in maintaining a competitive edge and achieving sustainable growth.

Business Planning Manager Job Duties

• Develop and implement comprehensive business plans to facilitate achievement by planning cost-effective operations and market development activities.
• Analyze and forecast financial, economic, and other data to provide accurate and timely information for strategic and operational decisions.
• Coordinate cross-functional teams to develop business strategies and objectives, ensuring alignment with corporate goals.
• Evaluate competitive market strategies through analysis of related product, market, or share trends.
• Identify and drive initiatives to improve operational efficiency, including process improvements, cost reduction, and systems enhancements.
• Facilitate communication and collaboration among departments to ensure that business planning and strategies are aligned with company-wide goals.
• Oversee the preparation of operational and risk reports for management analysis.
• Spearhead the development of new business opportunities, including expansion, mergers, acquisitions, and partnerships.

Business Planning Manager Salary & Outlook

Factors affecting a Business Planning Manager’s salary include industry sector, company size, years of experience, and specific skills in strategic planning, financial modeling, and market analysis. Performance outcomes and the ability to influence business growth also significantly impact compensation.

• Median Annual Salary: $110,250 ($53/hour)
• Top 10% Annual Salary: $152,000 ($73.08/hour)

The employment of business planning managers is expected to grow faster than average over the next decade.

This growth is driven by the increasing complexity of global markets, the need for strategic planning in competitive environments, and the demand for innovation in product and service development. Business Planning Managers are pivotal in navigating these challenges, making their role more critical than ever.

Business Planning Manager Job Requirements

Education: A Business Planning Manager typically holds a Bachelor’s Degree in Business Administration, Finance, or a related field. Coursework often includes strategic management, financial analysis, market research, and organizational behavior. Advanced degrees like an MBA can enhance prospects, focusing on leadership, advanced strategic planning, and international business. Specialized courses in data analysis, project management, and economics are also beneficial, equipping candidates with the necessary skills to excel in developing and implementing business strategies.

Experience: Business Planning Managers typically come from diverse experience backgrounds, with a significant portion having substantial experience in strategic planning, financial analysis, and project management. Many have progressed through roles that required increasing responsibility in business strategy and operations. On-the-job training is common, often through mentorship or rotational programs within a company, allowing for hands-on experience in different business units. Training programs focusing on leadership, data analysis, and market research are also valuable, equipping candidates with the skills to lead cross-functional teams and drive business growth. Successful candidates often demonstrate a blend of practical experience in business planning and strategic initiatives, coupled with formal training programs that enhance their analytical and leadership capabilities.

Certifications & Licenses: Certifications and licenses are not typically required for the role of Business Planning Manager.

Business Planning Manager Skills

Strategic Forecasting: Leveraging data-driven insights, a Business Planning Manager predicts market trends to develop strategies that align with organizational goals. This involves synthesizing diverse information sources to anticipate challenges and opportunities, keeping the company agile and competitive.

Market Analysis: Through the meticulous examination of trends, customer behaviors, and competitor activities, Business Planning Managers can forecast market demands and pinpoint opportunities or threats. This skill hinges on thorough data collection and interpretation to inform strategic decisions.

Financial Modeling: Business Planning Managers create detailed, predictive models of a company’s financial future to forecast revenue, assess risk, and efficiently allocate resources. This requires a solid grasp of accounting principles, spreadsheet software proficiency, and the ability to interpret market trends for data-driven strategic planning.

Risk Management: By identifying potential threats and developing strategies to mitigate them, Business Planning Managers protect the organization’s interests and ensure its long-term sustainability. Analyzing market trends, financial forecasts, and operational vulnerabilities is crucial for preemptively addressing challenges.

Stakeholder Engagement: Building and maintaining strong relationships with investors, partners, and internal teams is critical for aligning business strategies and meeting project milestones. This skill ensures smoother project execution and fosters an environment of trust and mutual respect.

Performance Optimization: Data-driven insights and lean methodologies are used to streamline operations, reduce waste, and boost business efficiency. Analyzing performance metrics, identifying bottlenecks, and implementing strategic interventions are key for sustained organizational improvement.

Business Planning Manager Work Environment

A Business Planning Manager typically operates within a structured office environment, where the workspace is designed to foster both concentration and collaboration. The setup usually includes personal computers, advanced planning software, and access to data analytics tools, essential for strategic decision-making and forecasting.

Work hours might extend beyond the traditional 9-to-5, especially during critical planning phases, though many organizations offer flexibility to accommodate work-life balance. The dress code tends to align with corporate standards, leaning towards business casual or formal, depending on the company’s culture and external meeting requirements.

The role demands frequent interaction with team members, stakeholders, and departments, necessitating strong communication channels and a cooperative atmosphere. Travel may be required for industry events or company-wide meetings, adding variety to the routine.

Professional development opportunities are often available, encouraging continuous learning and advancement in strategic planning methodologies and leadership skills. This role thrives in a setting that values analytical thinking, adaptability, and collaborative problem-solving.

Advancement Prospects

A Business Planning Manager can ascend to higher strategic roles within an organization, such as Director of Strategy or Chief Operations Officer (COO), by demonstrating exceptional analytical, leadership, and decision-making skills. Success in this career path hinges on the ability to drive business growth and efficiency through innovative planning and execution.

To achieve these advancements, a Business Planning Manager should focus on spearheading high-impact projects and initiatives that align with the company’s long-term goals. Gaining experience in cross-functional team leadership and developing a deep understanding of the industry’s competitive landscape are crucial.

Building a track record of successful business plans and strategies that have significantly contributed to the company’s profitability and market position will set a solid foundation for moving into top executive roles. Engaging in high-level decision-making processes and demonstrating a keen insight into market trends and business opportunities are essential steps toward career progression in this field.

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Business Planning Manager Job Description

Business planning manager duties & responsibilities.

To write an effective business planning manager job description, begin by listing detailed duties, responsibilities and expectations. We have included business planning manager job description templates that you can modify and use.

Sample responsibilities for this position include:

Business Planning Manager Qualifications

Qualifications for a job description may include education, certification, and experience.

Licensing or Certifications for Business Planning Manager

List any licenses or certifications required by the position: APICS, CPA, PMP, CPIM, EA, CSCP, PMI, ITIL, CSCMP, SAP

Education for Business Planning Manager

Typically a job would require a certain level of education.

Employers hiring for the business planning manager job most commonly would prefer for their future employee to have a relevant degree such as Bachelor's and University Degree in Finance, MBA, Business, Accounting, Engineering, Economics, Business/Administration, Management, Project Management, Marketing

Skills for Business Planning Manager

Desired skills for business planning manager include:

Desired experience for business planning manager includes:

Business Planning Manager Examples

• Microsoft Word (.docx) .DOCX
• PDF Document (.pdf) .PDF
• Image File (.png) .PNG
• Play a leadership role in market and product forecasting process with General Manager, Sales Executives, and Operations
• Support the team with analysis and business case creation
• Understand costs and cost drivers in standardized portions of the business
• Act as key Finance contact for the OEM Alliance Leader and their team providing insights and direction
• Gather and analyze data concerning the macro-economic, socio-demographic, broad scoped business environment from multiple sources
• Analyze the competitors and market trends locally and globally
• Design and develop the Long Term LES HW, LES A3 HW, Toner and Accessories forecast using market sizing knowledge, market share understanding, business and investment strategies, region understanding, channel strategies, and product/solution portfolio plans
• Forecast pivot table creation and modifications (macros, new content, new inputs, ) to support forecast change activity
• Influences and engages stakeholders at all levels across Print to achieve impactful business outcomes
• Creates marketing material and client presentations illustrating the complex techniques used in planning addressing both legal and tax issues
• Ability to develop effective working relationships with business representatives (Compliance, Scheduling, Service Level Performance, Technology & Facilities)
• Ability to successfully manage multiple projects/ changing priorities concurrently under tight timelines with multiple stakeholders
• 5-7 years experience in consulting, finance, audit, or other analytical role
• Experience working in highly technical industry with complex interrelationships and rapid pace of innovation
• Experience creating business plans, SWOT analyses, and strategic plans, including synthesizing primary and secondary research to support recommendations
• Direct experience preparing complex financial models and communicating insights in compelling and concise presentations
• Cross Organizational Initiative Support – Support multi-region relevant business initiatives, as directed by the Business Unit and/or Supplies Organization
• Story Behind the Numbers– Support the CBM Region Engagement Lead and Finance for quarterly insights around actual business performance that support the SBTN process
• Budget/Interlock Process Support – Work with the CBM Region Engagement Lead and Print/Office Finance to establish reasonable budget revenue plans for the upcoming fiscal year
• Ad Hoc Requests– Provide as needed support regarding desk reviews, business reviews (QBR, ), and any relevant upper management analyses, presentations, or checkpoints
• Supervise Pricing and Planning Analyst, who is responsible for coordinating and leading pricing and quote approval meetings, customer pricing
• Lead the Business Unit Strategic Plan and Operating Plan, regular updates of the sales forecast and target pipeline
• North American Commercial Vehicle market intelligence and market forecasts
• Lead and coordinate quarterly business unit reviews
• Develop and maintain various sales reports to increase transparency
• Collaborate with materials planning teams to produce the monthly S&OP production forecast
• You are analytical and have great business acumen
• You have first-in-class written communication skills for developing compelling Powerpoint presentations and proposals
• You have a good understanding of product and technology in the marketing and advertising world
• Excellent related experience in business operations, sales operations, program management, finance or marketing
• Post-secondary education in Business or Marketing
• 5 years of Marketing experience, digital marketing and/or product management, with working knowledge of marketing strategies and a demonstrated ability to apply them
• Coordinate and support Executive Partner conferences and events
• Manages complex, time- sensitive market research projects and synthesizes data and information to identify relevant trends and next steps
• The Manager Demand Planning – Business Partner owns the forecast that is driving the supply plan
• Serve as the key business planner working directly with CTO leadership team, our Finance and HR business representatives, key operational and other internal stakeholders to provide business decision support
• Develop and monitor metrics to measure the effectiveness of CTO business strategy and suggest necessary changes that form the core for subsequent annual business planning and strategic planning
• Work collaboratively with various business units to understand the drivers of their businesses and workflows and build/maintain a dynamic driver-based tool
• Train executives how to use the dashboards and discuss improvements, as needed
• Engage in other related value creating initiatives to transform budgeting or MRP processes
• Identify and define the required data sources to provide the bookings forecast, to include
• Construct models to improve the forecast and analysis
• Must have strong work ethic and ability to work beyond business hours as needed to complete tasks
• You will be responsible to complete all SOX work timely with signoffs and documentation
• You must have strong analytic, organizational, and problem solving skills
• You are expected to be able to prepare, analyze, and interpret complex financial reports
• You must have good knowledge of accounting principles and procedures and to be able to prioritize and organize effectively
• Proficiency using Microsoft systems
• Advising and assisting project team members in the application of project management methods, tools, techniques, standards and processes
• Ensuring that they are maintained throughout the project life cycle
• Creating project or sub-project plans and monitoring progress against tight schedule
• Setting up and maintaining systems for tracking, reviewing and recording project costs and revenues
• Coordinating the production of all reports and producing project summary reports
• Maintaining risk and issue logs and changing control records
• Developping and maintaining the project library, filing, recording and reporting systems
• Developping and supporting effective communication mechanisms between the project teams
• Contributing to the strategic planning process
• Developing a robust management information framework to monitor progress against strategy
• Or minimum of 10 years’ experience and knowledge and expertise in the use of project management methodology and tools
• Minimum of 10 years experience, including strategic planning, budgeting, forecasting, and process improvement
• Presentation creation and visual design
• Support global PTD resource planning processes, tools and guidelines to enable successful execution of key planning activities, including partnering with stakeholders, training for planners, data analysis
• Find creative ways to maximize the value of planning activities while minimizing the time invested to manage data
• Attention to detail - ability to evaluate “bigger picture” plans “on the ground” implementations
• Suggesting alternatives / improvements / new techniques in processes, flows, operational models and plans
• Ensuring that decisions are guided by policies, procedures and business plan
• Collaborates with internal teams to define scope, requirements, and implementation timeline
• Creates business requirements specifications
• Writes detailed specs for tasks and user stories in the backlog
• Provides regular communications and status updates to key stakeholders
• Anticipates problems and builds risk mitigation plans accordingly
• Ensures that process methodologies, templates, and tools are properly and consistently utilized
• Runs weekly meetings to coordinate Project Managers and teams
• Participates in post-mortems for closed projects, to assess future process needs
• Ability to work in a team and share knowledge
• Have a structured approach towards solving tasks
• Excellent leader and communication skills
• Strong analytical skills reporting and analysis experience and skills
• Respect tight deadlines for tasks and/or providing information required
• Ability to work in a very flexible sales environment

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What does a Business Planning Manager do?

A business planning manager is responsible for overseeing the business management process and ensuring that the staff meets productivity goals and targets. Business planning managers recruit and train new staff, handle budgets for projects, and identify opportunities that would increase more revenue resources and profits for the business. They also coordinate with clients for updates and adjust business plans as needed. A business planning manager must have excellent communication and leadership skills to manage teams and achieve long-term objectives.

• Responsibilities
• Skills And Traits
• Comparisions
• Types of Business Planning Manager

Business planning manager responsibilities

Business planning managers play a crucial role in ensuring that a company's products and services meet customer expectations in an ever-changing market. They manage processes that produce or support the firm's products, requiring the ability to analyze data to make informed decisions, drive continuous improvement, and solve problems through critical thinking. Dr. Kim Roberts , Professor of Operations Management, emphasizes this, stating, "Business professionals lead organizations by focused efforts that revolve around products/services, processes, and people."

Resume snippets for business planning managers often highlight responsibilities such as demand planning various product lines, managing customer service division policy deployment and ISO 9000 preparation and audits, and achieving 80% demand forecast accuracy through the implementation of dashboard metrics, KPIs, and competitive market analytics. These tasks demonstrate the ability to manage processes, analyze data, and make informed decisions that drive continuous improvement.

Here are examples of responsibilities from real business planning manager resumes:

• Lead central team summarizing and prioritizing all DOD opportunities, enabling more efficient and effective resource allocation across several program departments.
• Create and implement new product BOM's.
• Verify WIP movement transactions are complete and with the latest BOM changes.
• Provide management with managerial reporting, variances explanations, and KPIs for decision making.
• Perform discounted cash flow and ROI analysis to plan and approve capital equipment investments.
• Create and execute a global staffing scorecard to measure hiring process focusing on ROI to ensure essential staffing.
• Provide specialized CRM consulting, strategy development and systems integration services to help clients leverage technology to build effective customer relationships.
• Generate statistical forecast models using Manugistics and NEFOR (proprietary forecasting tool).
• Maintain and document forecasting and reporting procedures used in forecasting software (Manugistics).

Business planning manager skills and personality traits

We calculated that 19 % of Business Planning Managers are proficient in Business Planning , Competitive Analysis , and Direct Reports . They’re also known for soft skills such as Creativity , Interpersonal skills , and Organizational skills .

We break down the percentage of Business Planning Managers that have these skills listed on their resume here:

Create, communicate and coordinate quarterly adjustments to the annual plan as dictated by Corporate Business Planning and operational requirements.

Developed a market research and competitive analysis strategy that successfully differentiated the Ford product offering that increased sales and revenues.

Created, approved, and processed compensation transactions for senior executives and their direct reports.

Provided training to project management audience to promote efficient and standardized project management processes.

Develop metrics, performance measures and reports that support the business objectives and results.

Analyzed market trends, price cliffs, and competitor behavior to ensure pricing strategy drove profitable growth.

Most business planning managers use their skills in "business planning," "competitive analysis," and "direct reports" to do their jobs. You can find more detail on essential business planning manager responsibilities here:

Creativity. To carry out their duties, the most important skill for a business planning manager to have is creativity. Their role and responsibilities require that "advertising, promotions, and marketing managers must be able to generate new and imaginative ideas." Business planning managers often use creativity in their day-to-day job, as shown by this real resume: "managed 6 business planners in multiple countries coordinating all scheduling, delivery, and inventory activities for $250m+ product line. "

Interpersonal skills. Another essential skill to perform business planning manager duties is interpersonal skills. Business planning managers responsibilities require that "managers must deal with a range of people in different roles, both inside and outside the organization." Business planning managers also use interpersonal skills in their role according to a real resume snippet: "trained new employees in business practices, new business development, and interpersonal communication. "

Organizational skills. business planning managers are also known for organizational skills, which are critical to their duties. You can see how this skill relates to business planning manager responsibilities, because "advertising, promotions, and marketing managers must manage their time and budget efficiently while directing and motivating staff members." A business planning manager resume example shows how organizational skills is used in the workplace: "influence strong organizational effectiveness including effective project management, cross-functional leadership, corporate training and organizational development. "

Analytical skills. business planning manager responsibilities often require "analytical skills." The duties that rely on this skill are shown by the fact that "advertising, promotions, and marketing managers must be able to analyze industry trends to determine the most promising strategies for their organization." This resume example shows what business planning managers do with analytical skills on a typical day: "performed project and product profitability analysis for all product lines of the organization. "

Communication skills. A commonly-found skill in business planning manager job descriptions, "communication skills" is essential to what business planning managers do. Business planning manager responsibilities rely on this skill because "managers must be able to communicate effectively with a broad-based team made up of other managers or staff members during the advertising, promotions, and marketing process." You can also see how business planning manager duties rely on communication skills in this resume example: "directed business planning and internal communication activity for the $1.6b global transportation industry. "

Most common business planning manager skills

The three companies that hire the most business planning managers are:

• Ernst & Young 56 business planning managers jobs
• Oracle 48 business planning managers jobs
• Samsung Electronics Device Solutions (Semiconductor & Display) 15 business planning managers jobs

Choose from 10+ customizable business planning manager resume templates

Compare different business planning managers

Business planning manager vs. manager, strategy.

A strategy manager is an individual who reviews a company's objectives for growth and works with executives to formulate actionable plans to achieve these objectives. To make comprehensive recommendations, strategy managers must conduct data analysis of the organization as well as the overall industry. They must provide assessments of market trends and identify business threats and opportunities. Strategy managers should also work with department heads to develop individual team goals and break them down into actionable steps for the employees to complete.

There are some key differences in the responsibilities of each position. For example, business planning manager responsibilities require skills like "business planning," "continuous improvement," "supply chain planning," and "business performance." Meanwhile a typical manager, strategy has skills in areas such as "portfolio," "client facing," "digital marketing," and "strategic thinking." This difference in skills reveals the differences in what each career does.

Business planning manager vs. Product manager

A product manager is responsible for ensuring product development, providing the best marketing strategies, and effectively handling the sales and marketing team. Product managers' duties include monitoring the market trends and conditions, identifying business opportunities and plan initiatives, and collaborating the product launch process with the appropriate departments. A product manager is also responsible for generating ideas on improving product features, determining timetables and reasonable pricing, and analyzing product sales. A product manager must have excellent strategic and decision-making skills to contribute to its growth and profitability.

Each career also uses different skills, according to real business planning manager resumes. While business planning manager responsibilities can utilize skills like "business planning," "business objectives," "financial analysis," and "data analysis," product managers use skills like "product management," "qa," "product strategy," and "user stories."

Business planning manager vs. Market manager

A marketing manager is an executive who manages a brand or product's promotion positioning. Marketing managers analyze the trends in the industry and the demand for certain products and services. Typically, they attract more customers to purchase products and/or services and raise brand awareness through marketing campaigns. They research, identify, examine, and evaluate product demand. Also, they review advertising materials like print ads to boost the marketing strategy of the company and strengthen its campaign.

The required skills of the two careers differ considerably. For example, business planning managers are more likely to have skills like "business planning," "business objectives," "financial analysis," and "data analysis." But a market manager is more likely to have skills like "customer service," "strong analytical," "excellent interpersonal," and "human resources."

Business planning manager vs. Manager finance planning and analysis

A manager finance planning and analysis oversees the daily operations of a company's financial planning department. They typically have administrative duties such as setting goals and guidelines, establishing timelines and budgets, delegating tasks among teams and staff, and reviewing financial reports regularly. They also perform research and assessments, gather and analyze financial data from different departments, coordinate staff, and solve issues and concerns when any arise. Additionally, as a manager, they must lead and empower staff to reach goals while implementing company policies and regulations.

Even though a few skill sets overlap between business planning managers and managers finance planning and analysis, there are some differences that are important to note. For one, a business planning manager might have more use for skills like "business planning," "competitive analysis," "project management," and "business objectives." Meanwhile, some responsibilities of managers finance planning and analysis require skills like "customer service," "visualization," "financial operations," and "financial reports. "

Types of business planning manager

• Business Development Manager
• Business Manager

Product Manager

• Business Operations Manager
• Business Unit Manager
• Business Leader

Updated June 25, 2024

Editorial Staff

The Zippia Research Team has spent countless hours reviewing resumes, job postings, and government data to determine what goes into getting a job in each phase of life. Professional writers and data scientists comprise the Zippia Research Team.

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Red Lobster says it will soon exit bankruptcy protection after judge approves seafood chain’s sale

FILE - A Red Lobster restaurant is seen in Schaumburg, Ill., May 20, 2024. (AP Photo/Nam Y. Huh)[ASSOCIATED PRESS/Nam Y. Huh]

NEW YORK (AP) — After months of dozens of restaurant closings and headlines about “endless shrimp” woes, Red Lobster says it will soon exit from Chapter 11 bankruptcy protection.

A U.S. bankruptcy judge on Thursday approved the casual seafood chain’s reorganization plan, which includes a lender group led by asset manager Fortress acquiring the business. The green light arrives under just four months after Red Lobster filed for bankruptcy protection as it pursued a sale, following years of mounting losses and dwindling customers while it struggled to keep up with competitors.

At the time of filing in May, Red Lobster’s leadership shared plans to “simplify the business” through a reduction of locations. The chain, which lost $76 million in 2023, shuttered dozens of its North American restaurants over recent months — both leading up to and during the bankruptcy process. That includes more than 50 locations whose equipment was put up for auction just days before the Chapter 11 petition, followed by additional closures throughout the bankruptcy process.

Red Lobster said Thursday that it expects to operate about 544 locations across the U.S. and Canada upon emerging from bankruptcy. That’s down from 578 disclosed as of May’s bankruptcy filing.

Under terms of the acquisition, which is expected to close by the end of September, the chain will continue to operate as an independent company.

FILE - Signage at a Red Lobster restaurant, May 20, 2024, in Lincolnwood, Ill. (AP Photo/Teresa Crawford, File)

Photo: ASSOCIATED PRESS/Teresa Crawford

Once the deal is finalized, Red Lobster will also get a new CEO — Damola Adamolekun, former chief executive of P.F. Chang’s.

Adamolekun was appointed to head RL Investor Holdings, the newly formed entity acquiring Red Lobster, by Fortress last week. In a statement Thursday, Adamolekun said that Red Lobster “has a tremendous future” and thanked Jonathan Tibus, who will leave the company and step down as CEO, for his leadership during the bankruptcy process.

Red Lobster’s purchaser is also providing additional funding to help the Orlando, Florida-based chain get back on its feet post-emergence. Adamolekun said the company’s long-term investment plan includes a commitment of more than $60 million in new funding.

Known for its affordable seafood and cheddary biscuits, Red Lobster has seen multiple ownership changes over the course of its 56-year history. The brand was founded back in 1968 by Bill Darden, who sold Red Lobster to General Mills in 1970. General Mills later went on to form Darden Restaurants, which owns Olive Garden and other chains. Darden Restaurants was spun off from General Mills in 1995.

Darden Restaurants later sold Red Lobster to a private equity firm in 2014. Thai Union Group , one of the world’s largest seafood suppliers, first invested in Red Lobster in 2016 and upped its stake in 2020 — but announced its intention to exit its minority investment earlier this year.

When announcing plans to divest in January, CEO Thiraphong Chansiri said the COVID-19 pandemic, industry headwinds and rising operating costs from Red Lobster had resulted in “prolonged negative financial contributions to Thai Union and its shareholders.” It reported a $19 million loss from Red Lobster for the first nine months of 2023.

While not the sole reason, among sources of loss were — yes — those endless shrimp. Last year, Red Lobster significantly expanded the iconic all-you-can-eat special. But customer demand overwhelmed what the chain could afford. Thai Union leadership later noted that the deal’s $20 price tag wasn’t making enough money.

Last year’s shrimp debacle wasn’t the first time Red Lobster saw consequences of “endless” promises. In 2003, the company reportedly lost millions of dollars on an all-you-can-eat “Endless Crab” promotion when crab prices rose.

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