Red Lobster, the iconic seafood chain, is embarking on a transformative journey under the leadership of its newly appointed CEO, Damola Adamolekun. The company, founded in 1968, has long been known for serving high-quality seafood at affordable prices. Now, with over $60 million in fresh investments, Adamolekun aims to revitalize the brand and steer it toward sustainable growth. Reflecting on his connection to the brand, Adamolekun shared, “Red Lobster is now a stronger, more resilient company, and today is the start of a new chapter in our history.” Having been a fan of the restaurant since his childhood, Adamolekun’s passion for Red Lobster is deeply personal, making him an ideal fit for the role during this critical phase of the company’s restructuring.
Adamolekun’s appointment comes at a crucial time for Red Lobster. Earlier this year, the company filed for Chapter 11 bankruptcy, weighed down by over $1 billion in debt. The economic pressures of rising costs and evolving consumer preferences led to financial challenges, further compounded by missteps like the costly “Endless Shrimp” promotion, which caused significant losses for the brand. Despite these setbacks, Adamolekun’s track record of success at P.F. Chang’s, where he served as CEO from 2020 to 2023, positions him as a strategic leader capable of navigating tough market conditions. Under his leadership, P.F. Chang’s embraced technology and expanded its footprint, adding over 200 new locations in just a few years. His focus on adaptability and customer engagement helped the company emerge stronger post-pandemic.
With backing from a consortium of investors, Red Lobster has secured a significant $60 million funding commitment aimed at improving every aspect of the business. Adamolekun’s vision includes upgrading operations, enhancing the customer experience, and exploring new ways to engage diners across the U.S. and Canada. “As part of our new ownership structure, we have backers who have a history of making successful investments in restaurants. Our comprehensive and long-term investment plan will help us deliver improvements across every aspect of our company,” said Adamolekun.
The company’s transition into its next chapter is supported by new ownership led by Fortress Investment Group. The investment group is expected to finalize its acquisition of Red Lobster following court approval, with Adamolekun’s leadership at the helm. As Red Lobster’s new CEO, Adamolekun is committed to working closely with the company’s 30,000-strong workforce to breathe new life into the brand. “Red Lobster is an iconic brand with a tremendous future,” he stated. His goal is to modernize operations while staying true to the core values that have made Red Lobster a household name for decades.
