Red Lobster's CEO Damola Adamolekun Leads Company Out of Bankruptcy
Red Lobster’s 35-Year-Old CEO Damola Adamolekun Leads Company Out of Bankruptcy
Source: PATRICK T. FALLON / Getty
Red Lobster is making a comeback from bankruptcy with the appointment of Damola Adamolekun as its new CEO. A wordly man, born in Nigeria, and raised in Zimbabwe, Amsterdam, Springfield, Ill. as well as Columbia, Maryland, his expertise is exactly what the franchise needed.
Adamolekun, former CEO of P.F. Chang’s and managing partner at hedge fund Paulson & Co, takes over as the company recovers from financial losses, leadership turnover, and restaurant closures that led to its Chapter 11 filing in May 2024. Under his leadership, P.F. Chang’s revenue grew to $1 billion, and he now aims to revitalize Red Lobster by securing financial backing and investing over $60 million into the business.
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The restaurant chain, now privately held, operates 545 locations across the U.S. and Canada. Adamolekun expressed confidence in the brand’s future, stating that Red Lobster is entering a new chapter of growth and resilience.
Source: The DMV Daily
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Red Lobster’s 35-Year-Old CEO Damola Adamolekun Leads Company Out of Bankruptcy was originally published on ronemymajicdc.staging.go.ione.nyc
