If a Florida bankruptcy judge approves Red Lobster’s plan for exiting Chapter 11 under new ownership, 35-year-old Nigerian Damola Adamolekun will become CEO of the reorganised company, RL Investor Holding LLC.
“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.”
Damola Adamolekun
Damola Adamolekun – New CEO in the Spotlight
Fortress Investment Group, who will be the new owners with co-investors TCW Private Credit and Blue Torch, announced Adamolekun’s appointment on August 26, sparking reactions in global business circles.
Since the news of his appointment broke, Adamolekun’s now infamous comment on his aversion to the concept of work-life balance during a previous interview has resurfaced, dominating reactions to this feat. But there’s evidently more to the man than a 90-second clip.
Career Milestones
At just 35, Adamolekun’s resume makes for impressive, even jaw-dropping reading. It features a three-year stint as the first Black CEO at the Asian-Fusion restaurant P.F Chang’s that ran till August 2023—meaning he assumed the role when he was 31. Under his leadership, the company achieved a significant milestone, generating an estimated $1 billion in revenue while successfully navigating the challenges of a global pandemic.
Prior to that appointment, he was the Chief Strategy Officer at P.F. Chang’s and a Partner at New York-based investment firm Paulson & Co. He also worked in Goldman Sach’s Investment Banking Division and as a Private Equity Associate at TPG Capital. He served on the boards of Inday, the National Restaurant Association, and International Tower Hill Mines.
Recognition and Awards
Adamolekun’s impressive resume confirms his exceptional brilliance, which has garnered significant recognition. In 2021, he received four prestigious GLOBEE Leadership awards, including three Gold awards for CEO of the Year in Food and Beverage; Hospitality, Travel, Recreations, Leisure; and Top CEO of the Year: Rising Star, as well as a Silver award for Transformational Leader of the Year. In 2022, he was named one of the most innovative leaders in the restaurant industry by Nation’s Restaurant News’ Power List, solidifying his reputation as a trailblazer in his field.
Similarly, he has received widespread media recognition, appearing in multiple prominent publications, including Forbes, Fortune, and the Harvard Business Review, as well as major news outlets like Bloomberg News, CNBC, and Yahoo Finance.
Educational Background
Adamolekun holds a BA in Economics and Political Science from Brown University, where he led the Brown Investment Group as President and was a champion football player. He also earned an MBA from Harvard Business School, where he managed investments for the HBS Investment Club as Portfolio Manager.
Global Upbringing and Leadership Potential
Undoubtedly, Adamolekun has benefited from a rich, diverse, and multicultural upbringing. Though he was born in Nigeria to a neurologist and pharmacist, his early life was a global journey, with his family living at various times in Zimbabwe, Amsterdam, Springfield, IIIinois, and Columbia, MD. His unique blend of global insight, business expertise, and drive for excellence positions him as the perfect man to steer the 56-year-old US restaurant chain towards a resurgence after bankruptcy. And from all indications, he is all set for the job.
Adamolekun’s Vision for Red Lobster
His words: “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.”