Former PF CEO Chang to lead Red Lobster after bankruptcy filing

Red Lobster has a new leader to turn the company around after its recent bankruptcy.

Damola Adamolekun, former CEO of Asian fusion restaurant chain PF Chang’s, has been named the new CEO of Red Lobster to guide the company through its restructuring process, a consortium of investors said Monday.

Red Lobster filed for bankruptcy in May after racking up more than $1 billion in debt. The company has faced a series of setbacks, including rising costs and changing consumer preferences, Business Insider wrote in May.

The restaurant’s former owner, Thai Union Group, announced it would exit the business, citing significant financial losses. The group initially acquired a minority stake in 2016 and took majority control in 2020, but struggled to manage declining sales and rising costs of the brand — including heavy losses from its $20 “Endless Shrimp” promotion, BI reported in May.

In May, the company secured $100 million from lenders, who took control of the business.

Enter Adamolekun, appointed by Red Lobster’s creditors to take over the restaurant business. The 35-year-old most recently served as an operating partner at private equity firm Garnett Station Partners.

Previously, Adamolekun led PF Chang from June 2020 to August 2023. He oversaw the company through the challenges posed by the COVID-19 pandemic.

The restaurant has pivoted its operations to focus on technology for “online optimization and placing our staff in new roles,” Adamolekun told BI in 2022.

Under his leadership, PF Chang has pivoted to takeout services and resumed its expansion efforts, adding about 225 locations by 2023, the company told the WSJ.

In a 2022 interview with BI, Adamolekun stressed the importance of adaptability, customer focus and transparent leadership.

“From day one, I prioritized being on the ground and connecting with our teams in person and at company meetings,” he said.

He also added that maintaining “long-term goals and strategic direction” is key to remaining resilient amid changing market conditions.

The new CEO now aims to revitalize the Red Lobster brand.

“Red Lobster is an iconic brand with a tremendous future,” Adamolekun said in a statement.

The Harvard Business School alumnus said he plans to improve the customer experience and find new ways to interact with diners as he seeks to bring stability and growth back to the company.

Adamolekun is expected to take over as CEO of Red Lobster, pending court approval next month for the sale of the company to a buyer group led by Fortress Investment Group, The Wall Street Journal reported. The restaurant has about 550 locations in the United States and Canada.