On August 26, Fortress Investment Group announced Damola Adamolekun as the new CEO of Red Lobster restaurant chain.
Fortress-through a new entity ‘RL Investor Holdings LLC’- sought court approval to acquire from Red Lobster Management LLC the Red Lobster® restaurant chain which filed for bankruptcy in May 2024.
The move is named Red Lobster Chapter 11 plan, and upon court’s approval, Damola Adamolekun becomes CEO of the reorganized Company for his financial acumen needed to save it from bankruptcy.
At just 35 years old, he is set to steer the direction of Red Lobster as an independent company with 544 restaurants across 44 U.S. states and four Canadian Provinces, while 129 restaurants are closed.
Adamolekun previously served as the CEO of P.F. Chang’s, where he was instrumental in generating significant revenue and implementing strategic initiatives that bolstered the brand’s success.
Before this, he had done tremendous work in the finance sector as a Private Equity Associate at TPG Capital and in the Investment Banking Division of Goldman Sachs
Since he pivoted to the restaurant industry, Adamolekun has been recognized with three GLOBEE Leadership Gold awards for CEO of the Year in 2021: 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. In 2022 he was named in Nation’s Restaurant News’ Power List among the most innovative and inspiring leaders in the restaurant industry.
Born in Nigeria, Adamolekun holds a Bachelor of Arts in Economics and Political Science from Brown University and an MBA from Harvard Business School, where he was also a portfolio manager for the investment club
In a media release that captures his appointment, Domola Adamolekun has expressed optimism about the Red Lobstersl’s future, emphasizing plans to enhance employee satisfaction and customer experience as part of a broader investment strategy
