In a bold move aimed at revitalizing its brand, Red Lobster has named Damola Adamolekun, 35, as its new Chief Executive Officer. The appointment comes at a crucial juncture for the Orlando-based seafood chain, which filed for Chapter 11 bankruptcy in May, grappling with over $1 billion in debt.
Adamolekun, a Nigerian-born executive with an impressive track record, steps into the role following Red Lobster’s acquisition by RL Investor Holdings LLC, a subsidiary of Fortress Investment Group. The new leadership signals a fresh start for the beloved restaurant chain, known for its cheddar bay biscuits and extensive seafood menu.
Prior to joining Red Lobster, Adamolekun made waves as the first Black CEO of P.F. Chang’s, where he honed his skills in restaurant management and strategic planning. His diverse background includes stints at Goldman Sachs and TPG Capital, providing him with a unique blend of financial acumen and industry expertise.
Morgan McClure, Managing Director at Fortress, expressed confidence in Adamolekun’s ability to navigate Red Lobster through its current challenges. “Damola’s energy and experience will be instrumental in restoring Red Lobster’s iconic status,” McClure stated.
For his part, Adamolekun is eager to tackle the task ahead. “I’m committed to revitalizing the Red Lobster brand and enhancing the experience for both our employees and customers across North America,” he said.
With over 578 locations across the U.S. and Canada, Red Lobster faces a significant restructuring process. However, industry insiders are optimistic that Adamolekun’s innovative approach and proven leadership skills will chart a new course for the company, potentially setting a precedent for diversity in executive roles within the restaurant industry.
