Damola Adamolekun, a prominent figure in the restaurant industry, has been named CEO of Red Lobster as the company embarks on a significant restructuring. Adamolekun, who previously led P.F. Chang’s as CEO, is set to take the helm of the iconic seafood chain following its bankruptcy filing earlier this year.
The appointment comes after RL Investor Holdings LLC, a new entity formed by the U.S. private equity firm Fortress Investment Group, announced its plan to acquire Red Lobster. This move is pending court approval, with a decision expected in early September. Red Lobster, based in Orlando, Florida, sought bankruptcy protection in May 2024 due to mounting debt and operational challenges.
In his new role, Adamolekun is eager to rejuvenate the Red Lobster brand. “Red Lobster is an iconic brand with a tremendous future. I’m looking forward to working with our team members across North America to reinvigorate the brand,” Adamolekun stated. His vision includes enhancing the working environment for employees and improving the customer experience. He expressed gratitude for the resilience shown by Red Lobster’s staff during the bankruptcy process, noting that the brand’s future is promising.
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Red Lobster, known for its popular dishes like cheddar bay biscuits and crab legs, faced financial difficulties exacerbated by inflation, unfavorable leases, and strategic errors. The chain, which once thrived with over 578 locations across the U.S. and Canada, was forced to close 100 stores this summer and will shut down another 23 before the anticipated Fortress takeover.
Adamolekun brings a wealth of experience to his new role. At P.F. Chang’s, he drove strategic initiatives that bolstered the company’s growth and prominence in the global hospitality sector. His previous roles include Chief Strategy Officer at P.F. Chang’s and Partner at Paulson & Co., where he managed significant investments. Adamolekun has been recognized with multiple GLOBEE Leadership Awards and has been featured in major publications such as Forbes and Bloomberg News.
A Nigerian-born executive, Adamolekun holds a Bachelor of Arts in Economics and Political Science from Brown University and an MBA from Harvard Business School. His extensive career also includes roles at Goldman Sachs and TPG Capital, as well as board positions with various organizations.
As Red Lobster prepares for its next chapter, Adamolekun’s leadership is expected to be pivotal in revitalizing the brand and steering it toward a successful future.
