Red Lobster is poaching former PF Chang chief executive Damola Adamolekun, 35, as its new CEO. However, the C-suite shakeup will only happen if Red Lobster's proposed sale to an affiliate of Fortress Capital goes through, according to Nation Restaurant News.
The sale and subsequent appointment need court approval because Red Lobster is in the midst of reorganization efforts after the company filed for Chapter 11 bankruptcy protection in May.
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Adamolekun was CEO of PF Chang from June 2020 to December 2023. While there, during the height of the pandemic, Adamolekun focused on implementing updated technology to help with the new reality of to-go orders.
In 2022, Adamolekun said Business Insider that the restaurant had shifted its operations for “online optimization and placing our staff in new roles.”
He also spent time in finance working in the investment banking division of Goldman Sachs and as an associate at TPG Capital.
“Red Lobster is an iconic brand with an incredible future,” Adamolekun said in a statement. “I look forward to working with our team members across North America to revitalize the brand by making it the best place to work for our employees and enhancing the experience for our guests.”
Adamolekun added that he is looking forward to working on the company's investment plan.
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Fortes managing director Morgan McClure expressed excitement about the potential hire in a statement.
“We are excited to bring Damola on board to lead our investment plan for Red Lobster,” McClure said in a statement. “Fortress has a strong history 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.”