Can P.F. Chang's Former CEO Save Red Lobster From Drowning? Red Lobster's potential new owner, Fortress Capital, hopes 35-year-old Damola Adamolekun can turn things around for the struggling seafood chain.
By Erin Davis
Key Takeaways
- Damola Adamolekun is set to take the helm of Red Lobster as the new CEO contingent on approval of the restaurant chain’s sale to a Fortress Capital affiliate.
- Red Lobster, currently in Chapter 11 bankruptcy reorganization, plans to rejuvenate the brand with Adamolekun’s extensive hospitality and finance experience.
- Fortress Capital’s acquisition of Red Lobster is scheduled for court review.
Red Lobster is poaching P.F. Chang's former chief executive, Damola Adamolekun, 35, as its new CEO. However, the C-suite shake-up will only occur if Red Lobster's proposed sale to an affiliate of Fortress Capital is completed, per Nation's Restaurant News.
The sale and subsequent appointment need court approval because Red Lobster is in the middle of reorganization efforts after the company filed for Chapter 11 bankruptcy protection in May.
Related: $11 Million All-You-Can-Eat Shrimp Iceberg Continues to Sink Red Lobster Locations
Adamolekun was P.F. Chang's CEO from June 2020 through December 2023. While there, during the height of the pandemic, Adamolekun focused on implementing updated technology to help with the new reality of to-go orders.
In 2022, Adamolekun told Business Insider that the restaurant had shifted its operations for "online optimization and putting our staff into new roles."
He also had stints in finance working at Goldman Sachs' investment banking division and as an associate at TPG Capital.
"Red Lobster is an iconic brand with a tremendous future," Adamolekun said in a statement. "I'm looking forward to working with our team members across North America to reinvigorate the brand by making it the best place to work for our employees and improving the experience for our guests."
Adamolekun added that he's looking forward to working on the company's investment plan.
Related: Red Lobster CEO Resigns After Only 8 Months
Fortress managing director Morgan McClure expressed excitement about the potential hire in a statement.
"We're excited to bring Damola on board to drive our investment plan for Red Lobster," McClure said in a statement. "Fortress has a strong track record of operating and improving iconic American restaurants, and Damola's energy, leadership and experience will be key to restoring Red Lobster's status as an iconic and admired American brand."
