Meet the 35-year-old CEO who wants to turn around bankrupt Red Lobster

• Former P.F. Chang's CEO Damola Adamolekun is set to take over Red Lobster as its CEO.
• Adamolekun moved to P.F. Chang's during the pandemic and pivoted its business to accommodate more to-go services.

Red Lobster has a new leader to right the company following its recent bankruptcy.

Damola Adamolekun, the former CEO at Asian-fusion restaurant chain P.F. Chang's, has been appointed Red Lobster's new CEO to guide the company through its restructuring process, a consortium of investors said Monday.

Red Lobster filed for Chapter 11 bankruptcy in May, after accruing over $1 billion in debt. The company faced a series of setbacks, including rising costs and shifting consumer preferences, Business Insider wrote in May.

The restaurant's previous owner, Thai Union Group, said it would exit the company, citing significant financial losses. The group had initially acquired a minority stake in 2016 and took majority control in 2020, but struggled to manage the brand's declining sales and rising costs — including big losses from its $20 "Endless Shrimp" promotion, BI reported in May.

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

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

Earlier, Adamolekun helmed P.F. Chang's from June 2020 to August 2023. He oversaw the company through the difficulties posed by the COVID-19 pandemic.

The restaurant shifted its operations to focus on technology for "online optimization and putting our staff into new roles," Adamolekun told BI in 2022.

Under his leadership, P.F. Chang's pivoted to to-go services and resumed expansion efforts, adding about 225 locations in 2023, the company told the WSJ.

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

"From day one, I prioritized getting out in the field and talking to our teams in person and over company town halls," he said.

He also added that maintaining "long-term objectives and strategic direction" is the key to remaining resilient amid changing market conditions.

The incoming CEO now aims to revitalize Red Lobster's 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 engage with diners as he seeks to bring stability and growth back to the company.

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