September 03, (THEWILL) – Orlando, Florida-based Seafood restaurant chain, Red Lobster, has appointed Nigerian, Damola Adamolekun, as new Chief Executive Officer (CEO).
Red Lobster, known for its cheddar bay biscuits, crab legs, and shrimp dishes, has over 578 restaurants across 44 States and four Canadian Provinces.
Known for his expertise, the 35-year-old is brought to guide the company through its restructuring process having filed for Chapter 11 bankruptcy in May, after accruing over $1 billion in debt.
RL Investor Holdings LLC, a new entity formed by US private equity firm, Fortress Investment Group, announced Adamolekun”s appointment in a statement after court approval of Fortress Investment Group’s takeover of the chain.
Fortress managing director, Morgan McClure, expressed excitement.
“We’re excited to bring Damola on board to drive our investment plan for Red Lobster. 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”, McClure said in a statement
“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 by making it the best place to work for our employees and improving the experience for our guests.
“I want to thank all of my future colleagues at Red Lobster who have demonstrated extraordinary resilience and dedication to the franchise during the bankruptcy process. Red Lobster’s future is brighter now than ever before – I cannot wait to get started on our investment plan and to get out and meet diners across the USA and Canada, he said”, Adamolekun said in a statement.
Adamolekun is the former CEO of the global restaurant chain P.F. Chang’s, a popular Asian restaurant chain founded in 1993 by Paul Fleming and Philip Chang. The Nigerian native was the first black to manage P.F. Chang’s.
Adamolekun also previously served as Chief Strategy Officer at P.F. Chang’s and as a Partner at Paulson & Co., a New York-based investment firm and the principal owner of P.F. Chang’s, where he played a vital role in the sourcing and subsequent management of several of the firm’s most significant investments.
He has been featured in numerous publications, including Forbes, Fortune, Business Insider, Fox Business, Bloomberg News, Yahoo Finance, CNBC, Nation’s Restaurant News, Time Out New York, New York Business Journal, and the Harvard Business Review.
The 35-year-old executive previously worked in Goldman Sachs’s Investment Banking Division and as a Private Equity Associate at TPG Capital. He has also served on the boards of P.F. Chang’s, Inday, the National Restaurant Association, and International Tower Hill Mines.
In 2021, Adamolekun was recognised with three GLOBEE Leadership Gold awards for CEO of the Year: Food and Beverage, CEO of the Year: Hospitality, Travel, Recreation, Leisure, and Top CEO of the Year: The Rising Star, as well as a GLOBEE Leadership Silver award for CEO Achievers: Transformational Leader of the Year, while in 2022 he was named in Nation’s Restaurant News’ Power List among the most innovative and inspiring leaders in the restaurant industry.
Adamolekun received a Bachelor of Arts in Economics and Political Science from Brown University, where he served as President of the Brown Investment Group. He was a member of the Ivy League champion, Brown Football team and a Master of Business Administration from Harvard Business School, where he served as Portfolio Manager for the HBS Investment Club.
Adamolekun is the son of a neurologist and pharmacist. He was born in Nigeria and raised in Zimbabwe, Amsterdam, Springfield, Ill., and Columbia, MD. While managing his restaurant business, he also started serving as a managing partner at Paulson & Co., the hedge fund that purchased the chain for $700 million in 2019.
