Orlando-based seafood chain Red Lobster has announced the appointment of Damola Adamolekun as its new Chief Executive Officer. The 35-year-old Nigerian executive steps into the role during a critical time for the company, which recently filed for Chapter 11 bankruptcy in May due to accumulating over $1 billion in debt. Adamolekun’s leadership is expected to guide Red Lobster through this challenging restructuring process.
According to TheWill News, Red Lobster, a household name for its cheddar bay biscuits and seafood offerings, operates more than 578 restaurants across 44 U.S. states and four Canadian provinces. The chain’s recent financial troubles led to its acquisition by RL Investor Holdings LLC, a new entity formed by the U.S. private equity firm Fortress Investment Group. Following court approval of the takeover, Fortress announced Adamolekun’s appointment, signaling a fresh start for the iconic brand.
Morgan McClure, Managing Director at Fortress, expressed confidence in Adamolekun’s ability to steer Red Lobster towards a brighter future. “We’re thrilled to have Damola on board to drive our investment plan. His energy, leadership, and experience will be key to restoring Red Lobster’s status as an iconic American brand,” McClure stated. Adamolekun echoed this optimism, emphasizing his commitment to revitalizing the brand and enhancing the employee and customer experience across North America.
Before joining Red Lobster, Adamolekun was the CEO of P.F. Chang’s, a popular Asian restaurant chain. He made history as the first Black executive to lead P.F. Chang’s, where he also served as Chief Strategy Officer and was instrumental in managing several key investments. His extensive background in the restaurant industry and private equity has earned him recognition in various prestigious publications and leadership awards, solidifying his reputation as an innovative leader in the field.
Adamolekun’s impressive resume also includes experience at Goldman Sachs in their Investment Banking Division and as a Private Equity Associate at TPG Capital. He has served on the boards of several major organizations, including P.F. Chang’s and the National Restaurant Association. His academic credentials are equally notable, with a Bachelor’s degree from Brown University, where he was actively involved in investment and sports, and an MBA from Harvard Business School.
Founded by Bill Darden, Red Lobster was one of few racially integrated restaurants when it opened in 1968 in Lakeland, Florida.
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