Restaurants and pop culture have a special relationship with Red Lobster. From the mention of its signature biscuits in songs to being one of the go-to spots for family and friends, Red Lobster has decades of impressions among millions of consumers. Now, the fast-casual restaurant has a new CEO at its helm, 35-year-old Damola Adamolekun.
Adamolekun is a Nigerian native who now leads Red Lobster after a successful stint as the top executive and first Black CEO of the Asian-fusion restaurant P.F. Chang’s. According to the National Restaurant Association, Adamolekun helped generate an estimated $1 billion in revenue for the chain.
This level of expertise is part of the reason the former Goldman Sachs investment banker was hired to help Red Lobster overcome its looming business performance problems. In May 2024, the seafood chain filed for bankruptcy. CNN noted that years of mismanagement, inflation, and competition led to more than $1 billion in debt and less than $30 million in cash on hand. Although the financial picture seems gloomy, Adamolekun was the man for the job.
“My life is my work. My work is my life,” he said via Fortune. This sentiment makes sense as the 35-year-old has a pretty strict daily routine that sets him up for success. According to a previous AFROTECH™ report, he begins his day at 6:00 a.m. with work on the menu.
“First, I review our daily flash reports, which detail restaurant operating performance from the previous day and period to date. I note any interesting observations, questions, or oddities from my review to discuss with our COO Art Kilmer later in the morning,” Adamolekun explained about his time with P.F. Chang’s.
Fortune further reports that his experience in finance frames his journey in the fast-casual dining industry. After roughly three years at P.F. Chang’s, Adamolekun rejoined the investment firm Paulson & Co. in August 2023. Before this, he had held positions at Goldman Sachs and TPG Capital, during which he recalled being “constantly working,” though he mentions that he enjoyed the pace.
“I never really have been a person that separated work and life,” he said. “It mixes.”
Executives at Fortress Investment Group, which took over ownership of Red Lobster, hope the restaurant can turn around and succeed again. Much of this confidence is rooted in their decision to bring Adamolekun to the team.
“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,” Morgan McClure, managing director at Fortress, said in a press release via USA Today.
Adamolekun is optimistic about Red Lobster’s future under his leadership as well. He has high hopes for the company and is eager to implement his investment plan and meet customers, a sign of his confidence in the restaurant’s potential.
“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,” Adamolekun said in a media release announcing the decision.
