Posted by Amarachi on Tue 03rd Sep, 2024 - tori.ng
According to the National Restaurant Association, Adamolekun helped generate an estimated $1 billion in revenue for the chain.
Damola Adamolekun
A 35-year-old Nigerian man, Damola Adamolekun, has achieved a major feat following his appointment as the new CEO of Red Lobster.
Adamolekun is being described by international publications as a “biz whiz kid” who lives in Scottsdale, Arizona.
He previously worked 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.
He is also a former Goldman Sachs investment banker.
His level of expertise is part of the reason he was hired to help Red Lobster overcome its looming business performance problems.
In May 2024, Red Lobster, a 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.
Adamolekun has now been brought in to salvage the business.
“My life is my work. My work is my life,” he said via Fortune.
“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 statement.
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.