Lal is the former president of Yum Brands, where he held leadership positions at both KFC and Pizza Hut, including president and chief operating officer.
DALLAS — Dave & Buster’s Entertainment Inc. announced Tarun Lal as its new CEO July 14 after its previous chief executive stepped down late last year.
Lal is the former president of Yum Brands, where he held leadership positions at both KFC and Pizza Hut, including president and chief operating officer.
The leadership change comes at a crucial moment for both companies. Earlier this year, it was announced that KFC U.S. plans to shift its corporate headquarters to Plano from Louisville, Kentucky, where it will be combined with the Pizza Hut brand HQ already in the Dallas suburb. The move, which is currently in progress, marks a major shake-up for the brand that’s called Kentucky home for decades. Yum (X), which is still based in Louisville, recently revealed plans for a new CEO.
Lal said in a statement that he was looking forward to joining an “iconic” brand at Dave & Buster’s and that he was impressed by the efforts already underway at the Coppell-based entertainment company.
Dave & Buster’s (Nasdaq: PLAY) has been led by Kevin Sheehan, chairman of the board and interim CEO, since Chris Morris resigned in December after store sales fell for multiple quarters.
Under Sheehan’s leadership, the company known for its combination restaurant/sports bar/video game arcade model has seen promising results. The interim CEO tweaked the company’s business model, debuted its first ever Summer Pass, asked managers for more feedback and rolled out a store manager incentives plan guided by growth in store sales.
Analysts have credited Sheehan’s leadership, saying that his “back-to-basics” approach is providing optimism about a comeback. In the past six months, the company’s stock price has climbed nearly 24%.
Sheehan said that Lal has a successful track record of growing and improving businesses, and will create significant shareholder value for Dave & Buster’s.
Dave & Buster’s was founded in 1982 in Dallas and shifted its corporate headquarters to Coppell in 2022, citing the need for a “fresh start” following the coronavirus pandemic. It operates 175 locations across 43 states, Puerto Rico and Canada.