Damola Adamolekun made history as CEO at P.F. Chang’s, a popular Asian restaurant chain founded in 1993 by Paul Fleming and Philip Chiang. The Nigerian native was the first black to manage P.F. Chang’s.
As CEO of P.F. Chang’s, he focused on implementing updated technology to help with the new reality of to-go orders during the height of the pandemic. After becoming CEO in May 2020, he led the company to a 31.7% increase in sales in 2021 compared to the year before.
He guided the business to shift its operations for “online optimization and putting our staff into new roles.” According to the National Restaurant Association, he helped generate an estimated $1 billion in revenue for the chain.
Today, Adamolekun has been appointed Red Lobster’s new CEO to guide the company through its restructuring process. Red Lobster filed for Chapter 11 bankruptcy in May after accruing over $1 billion in debt. His expertise is being tapped to bring the business to profitability.
“Red Lobster is an iconic brand with a tremendous future,” Adamolekun said in a statement. “I’m looking forward to working with our team members across North America to reinvigorate the brand by making it the best place to work for our employees and improving the experience for our guests.”
Fortress managing director Morgan McClure expressed excitement about the potential hire in a statement, according to Entrepreneur. Fortress Investment Group is the potential new owner of Red Lobster.
“We’re excited to bring Damola on board to drive our investment plan for Red Lobster,” McClure said in a statement. “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.”
Before P.F. Chang’s, Adamolekun worked in the Investment Banking Division of Goldman Sachs and as a Private Equity Associate at TPG Capital. He received his bachelor’s degree in economics from Brown University, where he was a member of the Ivy League champion Brown Football team. He also earned his Master of Business Administration from Harvard Business School.
Adamolekun is the son of a neurologist and pharmacist. He was born in Nigeria and raised in Zimbabwe, Amsterdam, Springfield, Ill., and Columbia, MD. While managing his restaurant business, he also started serving as a managing partner at Paulson & Co., the hedge fund that purchased the chain for $700 million in 2019.
