Meet Red Lobster’s new CEO, 35-year-old Damola Adamolekun. If he looks familiar that’s because the Nigerian native and former Goldman Sachs investment banker recently made headlines for not only being the first Black CEO of P.F. Chang’s, but for generating an estimated $1 billion in revenue for the Asian-fusion restaurant chain.
This level of expertise is part of the reason Adamolekun was hired to help Red Lobster overcome its looming business performance problems. In May 2024, the seafood chain filed for bankruptcy. CNN noted that years of mismanagement, inflation, and competition led to more than $1 billion in debt and less than $30 million in cash on hand. Although the financial picture seems gloomy, Adamolekun was the man for the job.
“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,” Adamolekun said in a media release announcing the decision 👏🏽👏🏽👏🏽
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