SAN CLEMENTE Calif. Scott Barnett, founding president and chief executive of the Bubba Gump Shrimp Co. Restaurants Inc., said late Wednesday that he was stepping down, saying simply that “it was time.”
Company officials said Barnett’s responsibilities would be transitioned in the coming weeks to vice presidents Tim Busald and Gail Taggart. It was not clear whether the company would seek a replacement.
Barnett has been with the San Clemente-based company since it was founded in 1996 with the namesake Bubba Gump brand, a casual-dining concept based on the hit movie “Forrest Gump.” Now with 22 domestic locations and 13 overseas, the company also has three locations of The Mai Tai Bar nightclubs and one unit each of Capi’s Italian Kitchen in Chicago and The Newport Beach Rusty Pelican.
Bubba Gump Shrimp Co. was a spinoff of the Rusty Pelican Restaurants Inc., where Barnett was president and chief executive when the company opened the first Bubba Gump in Monterey, Calif. Most of the Rusty Pelican brand locations were later sold to Landry’s Seafood Restaurants Inc. of Houston, and the San Clemente company changed its name to Bubba Gump to focus on development of that brand.
When asked why he was leaving, Barnett said, “I’ve been at this a very long time and I’m still relatively young, and it was time.”
Barnett said he has been discussing his plans with the board for some time, and that he has worked hard to build “an excellent team” for the restaurant company, which he said had positive same-store sales for 10 consecutive years until 2009.
The company ended last year with sales down roughly 3 percent, compared with the prior year, he said, despite the fact that Bubba Gump has not offered discounts like other casual-dining brands.
“I’m really proud that we were down only 3 percent in that we’ve seen a lot of other people down a lot more, and they do discount,” Barnett said.
Gordon Miles, chairman of Bubba Gump’s board, said in a statement that the company was sorry to see Barnett leave.
“Scott is the most gifted restaurant executive I’ve met,” he said.
Barnett said he planned to take some time off and then pursue new opportunities.
“I think I’m too young to retire and I don’t believe it in anyway,” he said.
Contact Lisa Jennings at [email protected].