Meet Damola Adamolekun: Red Lobster's Trailblazing CEO

Photo byEm.press

Introducing Damola Adamolekun, the newly appointed Chief Executive Officer of Red Lobster at the age of 35. You may recognize him as the Nigerian-born professional and former investment banker at Goldman Sachs. His recent achievements have garnered attention, as he became the first Black CEO at P.F. Chang's and contributed significantly to the company's success, generating an impressive $1 billion in revenue for the Asian-fusion restaurant chain.

Adamolekun's exceptional level of expertise was a key factor in his recruitment to assist Red Lobster in addressing its impending business challenges. In May 2024, the renowned seafood chain initiated bankruptcy proceedings. According to reports by CNN, a culmination of poor management practices, escalating inflation rates, and fierce competition contributed to the accumulation of over $1 billion in debt, while the company held a mere $30 million in liquid assets. Despite the bleak financial circumstances, Adamolekun stood out as the most suitable candidate to tackle the task at hand.

"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.