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Eugene H. Krabs is the penny-pinching owner and founder of The Krusty Krab, a fast food restaurant in Bikini Bottom. He sometimes identifies himself as a sailor, most likely because he did serve in the Navy at one point (earning the nickname Armor Abs Krabs). During his service, he was the chief janitor on the S.S. Gourmet and “head chef” on the “S.S. Diarrhea” (figure of speech, since he cleaned the bathrooms).
After a war, Krabs stay secluded in a deep depression that seemed endless. His luck changed when he bought a local (failing) retirement home, “The Rusty Crab,” which he decided to turn into a restaurant, adding a K to “Rusty” and replacing the C with a K (“Krab”). He decided to go into business selling his family’s Krabby Patty burger. It was revealed to be a family secret in “Enemy In-Law.” and it was King Krabs who named the burger, back in the Middle Ages.