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Food Market

Covering the business of food and farming with Mike Hughlett

Dave's ex-CEO loses stock options

Ed Rensi gave up 75,000 stock options when he abruptly resigned as Famous Dave’s CEO in June after only a year in the post.

Last week, along with releasing a dismal quarterly earnings report, Famous Dave’s criticized Rensi for making changes that upset customers.

Rensi, a onetime high-ranking McDonald’s executive, resigned as Dave's CEO on June 18. Upon his resignation, 75,000 stock options granted in January 2015 were “forfeited,” Famous Dave’s said in a federal securities filing Friday.

Rensi had undertaken a major initiative to remodel the barbeque chain’s restaurants and add items to the menu.

 But Dave’s, currently being run by interim CEO and board member Adam Wright, said in a statement that “the changes included smaller portions, different plateware and changes to iconic items such as cornbread muffins and other poor decisions.”

Cargill makes Latin American shrimp play

Cargill is betting big on the shrimp business in Ecuador with a new $30 million feed facility.

It’s part of a continuing drive by the Minnetonka-based agribusiness giant to invest in the burgeoning global aquaculture market.

Cargill said Tuesday it has formed a joint venture with Naturisa, Ecuador’s second largest shrimp producer. Cargill will own 75 percent of the partnership, and will operate the feed mill near Guayaquil.

The facility will produce 130,000 metric tons of shrimp feed and employ 260. The feed will be marketed under the Purina brand throughout Latin America.

“This joint venture with Naturisa positions us to become one of the largest producers of shrimp feed in Latin America,” Sarena Lin, president of Cargill’s animal feed and nutrition business.

Cargill is a big global player in animal feed. While aquaculture makes up only about 8 percent of the global animal feed business, it’s growing faster than markets for poultry and livestock feed.