Introduction
The success of any business firm depends on the level of leadership involvement and the willingness to respond to the changing economic times. Companies that fail to focus on emerging forces, formulate proper models, and address identified challenges find it hard to achieve their business aims. Organizational theorists propose various models and strategies that can make it easier for more companies to achieve their goals much faster. Trident Seafoods stands out as a leading firm that has been in the seafood business for five decades. This essay gives a detailed analysis of this firm’s corporate governance and how it might pursue future development within the next 20 years.
Firm Background
Trident Seafoods is presently the biggest company in the United States seafood industry. Founded by Kaare Ness in 1973, effective leadership and management have made it successful in the sector (“Our Story,” 2021). Joe Bundrant is presently the company’s chief executive officer (CEO). Currently, this firm has expanded its operations to include fishing vessels, production segments, and processing plants. It has its headquarters in Washington D.C. (“Our Story,” 2021). It has partnered with wholesalers and retailers in different parts of the country to market a wide range of its key products. Some of these offerings include smoked seafoods, canned meat, and ready-to-eat packages (“Our Story,” 2021). Trident Seafoods uses different brand names to maximize visibility and meet the demands of its regional customers. This private business’ products are marketed in a number of regions, including Oregon, Washington, Alaska, and Canada.
Within the past four decades, Trident Seafoods has succeeded in acquiring a number of firms with the aim of expanding its operations and presence in the country’s market. Some of the notable acquisitions included those f ConAgra in 1986, NorQuest Seafoods in 2004, Farwest Fisheries in 1992, and Tyson Seafood Group in 1999. These achievements have made the firm one of the leading competitors in the industry (Wernau, 2020). In 2016, the company recorded revenues of around 2.4 billion US dollars (“Our Story,” 2021). Presently, the organization has an employer of over 9,000 people.
What is Special about Trident Seafoods?
The history of this company presents a number of positive and negative aspects that any analyst should take into consideration. Future investors should also be keen to monitor the current and past performance of Trident Seafoods in an effort to identify some of the strategies that can be considered to maximize organizational performance. Within the past four decades, this company has embraced the concept of organizational theory to promote efficiency and meet the demands of all key stakeholders. According to this model, all leaders have been involved to identify emerging changes, embrace the use of emerging technologies, and solve recorded problems (Wernau, 2020). The firm engages in continuous research and development (R&D) in an effort to analyze the recorded issues in the sector and present superior initiatives to improve performance. The top leadership borrows emerging ideas from rival companies and acquired firms to transform operations. These aspects have led to positive financial outputs at this organization.
The most special thing about Trident Seafoods is that the leaders have been keen to promote ethical and environmental practices that resonate with the stakeholder theory. For instance, the company’s management realized that most of its business practices were dangerous and harmful to the natural sea environment. This observation came after the firm was compelled to pay fines amounting to 2.5 million US dollars in 2011 (The Associated Press, 2019). This decision was arrived at following the Environmental Protection Agency’s (US EPA) decision that the company was releasing waste into the seawater. Such malpractice had threatened the ecosystem and aquatic life in Seattle. Following this fine, the company chose to engage in additional cleanup activities that would help reshape or improve its corporate social responsibility (CSR) index. Specifically, Trident Seafoods would incur expenses amounting to around 23 million US dollars to address challenges to do with air and water pollution (The Associated Press, 2019). On top of these issues, the company’s business model has continued to present additional obstacles and challenges to the US EPA. Consequently, it has remained one of the primary targets for fines revolving around the violation of the implemented policies and environmental guidelines.
Nonetheless, this company has been keen to engage in a wide range of CSR activities that continue to make it more attractive to more investors and business partners. For example, the company was on the frontline to provide financial support and aid to most of the victims affected by the infamous hurricane Katrina (Trochta et al., 2018). It would go further to offer donations amounting to millions of US dollars to the victims of the Japanese 2011 earthquake. It has also constructed stadiums as a way of giving back to American society. Such actions and undertakings have continued to attract more clients in different parts of the country to make it a successful and competitive firm in its industry.
Another special attribute of this organization is the ability to take the stakeholder theory seriously. Wernau (2020) indicates that such a model guides companies to engage in actions and decisions that have the potential to add value to the wider company. While focusing on the best efforts to maximize their returns, firms need to identify initiatives and activities that can transform the lives of more people in the regions they operate. This form of obligation allows different groups to be part of the business process, remain supportive, and support it to achieve more gains (Hiddink et al., 2020). Many experts in the field of business argue that firms that ignore such an approach will tend to maximize their chances of failing. Trident Seafoods is one of the companies in Seattle that takes this concept seriously in an effort to record positive gains.
Trident Seafoods is also a leading example of companies that takes the idea of corporate theory seriously. For instance, the leaders are always keen to identify some of the challenges recorded in different departments and address them from an informed perspective. The professionals engage their followers and continue to support the development and promotion of a superior organizational culture that resonates with their demands and expectations. The managers have also established a horizontal hierarchical system that allows all workers to feel represented and capable of influencing decision-making processes. Individuals occupying the topmost positions engage their followers to solve disputes, implement emerging insights from the R&D department, and consider new strategies that can take the company to the next level (“Our Story,” 2021). The combination of these elements is a powerful effort that has made it possible for the company to pursue its goals diligently. Such a strategy also creates the best environment for tackling organizational obstacles without undermining the expectations of most of the company’s key stakeholders.
Finally, the past years have created opportunities for this company to expand its operations and acquire new firms. The procedures have succeeded because the leaders appreciate the importance of applying proper acquisition strategies and change theories. These initiatives make it possible for the leaders to become more engaged and capable of identifying key areas of weakness. They engage the participants from the other companies in order to present their insights and formulate a superior plan for pursuing future goals. Through the power of the adopted models and initiatives, Trident Seafoods finds it easier to develop a superior model for addressing challenges that might emerge and improving the level of performance (Xinhua, 2018). After every successful acquisition, this company has been keen to develop a better structure and culture that can help transform the nature of operations. Such initiatives and procedures have made it possible for the company to remain profitable.
Comparing the current performance with those of its immediate competitors, it is agreeable that Trident Seafoods is an emerging company that is focusing on the best strategies to remain profitable. It takes the concepts of organizational theory and changes implementation seriously. The involved leaders are always keen to solve emerging challenges and provide the relevant resources to all key followers. Such initiatives have helped the workers focus on the best strategies to maximize their results (Wernau, 2020). Consequently, each department has benefited significantly from these initiatives. From this analysis, it would be appropriate for the leaders to continue supporting the same procedures in order to solve challenges that might emerge and eventually make it more successful in the near future.
Governance and Future Development
Trident Seafoods remains successful because its leaders take the issue of corporate governance seriously. The professionals have adopted the American rule-based model in order to prevent some of the challenges that the organization has encountered in the past. For instance, the above analysis has revealed how Trident Seafoods has been fined heavily by EPA over the past few decades. This model of corporate governance is designed in such a way that business firms comply with the outlined policies and regulations (Hiddink et al., 2020). Such conditions have been put in place to minimize cases of fraud and ensure that businesses do not engage in malpractices that might affect the overall outcomes and experiences of the targeted stakeholders. Trident Seafoods has considered such attributes to ensure that timely results are realized in a timely manner.
The company has gone further to expand the notion of corporate governance in such a way that it helps transform organizational activities. With a proper model in place, this organization has outlined powerful guidelines and policies that dictate the decisions, undertakings, and initiatives of the board of directors. The company has also instituted a code of conduct that is intended to compel all workers and leaders to promote security, accountability, fairness, and transparency. Despite the major challenges experienced in the past, this organization has gained numerous gains because of this governance approach (Hiddink et al., 2020). The topmost leaders consider some of the recorded issues to make timely decisions and provide the relevant resources to continue improving organizational efficiency. These initiatives have helped this company address its problems while at the same time focusing on sustainable business outcomes.
The organizational structure is designed in such a way that all leaders and workers can present timely ideas and concepts that resonate with the changes recorded in the industry. Through the power of appropriate corporate governance, the professionals have found it easier to identify emerging technologies that could be used for processing sea foods and marketing them to more clients in different parts of the country. The company considers emerging trends in the vessel manufacturing industry to ensure that all new fishing ships are capable of adding value to the company. Such systems have also been integrated into the company’s operational structure to improve the levels of efficiency and transparency (Wernau, 2020). These efforts have helped maximize the level of efficiency, address some of the possible challenges and maximize productivity. This analysis, therefore, reveals that Trident Seafoods’ focus on an effective corporate governance model has led to numerous gains and profits.
The current performance and gains recorded in this country present a positive image regarding its possible future within the next two decades. The past decade has seen the company expand its portfolio to become a recognizable contender at the national level. Because of the business model and strategy put in place, Trident Seafoods has created a powerful model for improving performance continuously, solving emerging problems, and introducing emerging technologies (Wernau, 2020). The leaders have been keen to identify key sources of failure and fines. These lessons have been embraced within the past decade since the company has been forced to incur numerous expenses due to environmental concerns. With such insights, the leaders are presenting taking the idea of CSR seriously more than ever before. This practice means that the company will be in a position to attract more potential business partners and eventually maximize its overall gains.
The history of this organization also reveals that it has been performing optimally, thus being able to acquire more companies in the process. Such gains have resulted in increased assets and operational vessels. It has also acquired a wide range of brand names that have made the company more profitable in the American market. These achievements indicate that Trident Seafoods has the right strategies and resources that can guide it to the next level (Trochta et al., 2018). One of the undeniable facts is that the company will continue to acquire additional companies in the coming years. Such a development means that the current number of workers and resources will increase significantly. The end result is that the organization will have the potential to maximize its operations and eventually become more competitive in the American seafood industry.
From the current performance, chances are quite high that Trident Seafoods will expand its operations within the next twenty years. This achievement will be characterized by additional supply and logistical chains for its processed and ready-to-eat products. The model could mean that Trident Seafoods will be able to export its brands to several countries, both in North America and Latin America. The leaders will only need to support the current organizational structure and engage in practices that do not attract fines and lawsuits from EPA and other legal organizations (Wernau, 2020). The company can consider a progressive business model that promotes sustainability while considering the changing demands of all key stakeholders. The professionals can also be on the lookout for emerging ideas and implement change continuously. These approaches will help minimize some of the possible hindrances to positive corporate performance.
Finally, the predicted positive future for Trident Seafoods is not an automatic outcome or result. The company’s topmost leaders need to understand that the sector is becoming extremely competitive. They should also be aware that many firms that decide to close were at some point successful. This message will guide the relevant leaders to monitor all emerging trends and make decisions that resonate with the expectations of the greatest majority. The company will also need to analyze the demands of present and future customers and transform the current business procedures accordingly (Xinhua, 2018). Failure to consider these initiatives means that the company might encounter increased competition and eventually be unable to achieve its business aims. The best message would, therefore, be for Trident Seafoods to continue promoting its current practices and identify possible changes that might affect its sustainability.
Conclusion
The above essay has identified Trident Seafoods as one of the outstanding firms in Seattle, Washington, that has remained profitable despite some of the recorded business challenges. The organization has succeeded because of its leaders’ ability to embrace change, acquire collapsing companies, and monitor the needs of its key stakeholders. The promotion of a superior structure and culture is an effort that has helped improve organizational performance. The concept of corporate governance has also delivered notable results. While the future appears to be bright for Trident Seafoods, there is a need for all managers to be involved, monitor possible obstacles that might emerge in the future, and adopt superior technologies that will help improve organizational performance continuously.
References
Hiddink, J. G., Kaiser, M. J., Sciberras, M., McConnaughey, R. A., Mazor, T., Hilborn, R., Collie, J. S., Pitcher, C. R., Parma, A. M., Suuronen, P., Rijnsdorp, A. D., & Jennings, S. (2020). Selection of indicators for assessing and managing the impacts of bottom trawling on seabed habitats. Journal of Applied Ecology, 57, 1199-1209.
Our story. (2021).
The Associated Press. (201). Seafood giant to spend up to $23 million to fix pollution. Seattle Times.
Trochta, J. T., Pons, M., Rudd, M. B., Krigbaum, M., Tanz, A., & Hilborn, R. (2018). Ecosystem-based fisheries management: Perception on definitions, implementations, and aspirations. PLoS ONE, 13(1), e0190467. Web.
Wernau, J. (2020). Trident Seafoods’ Boss Charts safer course for Alaska fishing season. The Wall Street Journal.
Xinhua. (2018). US largest seafood company wants to sell Alaska fish directly to China. China Daily.