Damola Adamolekun: The Young CEO of Red Lobster – On How He Saved the Company From Bankruptcy

At just 36 years old, Damola Adamolekun stands out as a trailblazing Nigerian-American leader in the corporate world. As the CEO of Red Lobster, a beloved American seafood chain, Adamolekun has taken on the monumental task of steering the company out of bankruptcy and restoring its iconic status. Born in Nigeria and raised in the United States after immigrating at age nine. His career revolves around finance at Goldman Sachs, private equity, and a successful stint as CEO of P.F. Chang’s, Adamolekun’s journey is one of calculated risks and remarkable achievements. Recently, he sat down with The Breakfast Club on Power 105.1 FM to discuss his path to leadership, his strategies for saving Red Lobster, and his vision for its future. This article highlights the key questions posed during the interview and Adamolekun’s insightful responses, offering a glimpse into the mind of a young CEO determined to revitalize a cultural institution.

How Did You Get Into the Restaurant Business?

The hosts kicked off the interview by delving into Adamolekun’s entry into the restaurant industry, especially given his young age and prior role as CEO of P.F. Chang’s. He traced his roots back to high school, where he waited tables in Maryland after immigrating from Nigeria.

However, his professional trajectory took shape in finance, starting with an internship at Goldman Sachs at 19 while playing football at Brown University. After stints at Goldman, private equity firm TPG, and Harvard Business School, he joined billionaire investor John Paulson’s hedge fund. It was there, in 2019, that he pitched and led the acquisition of P.F. Chang’s for approximately $700 million. When COVID-19 hit, threatening the deal, Adamolekun stepped in as CEO to turn it around, a move that cemented his reputation as a problem-solver in the restaurant space.

What Pushed You to Pursue This Path at Such a Young Age?

He credited his high school speech and debate teacher, who encouraged him to channel his talkative nature into a skill. Winning a $10,000 scholarship from a speech contest sparked his interest in investing, leading him to dive into stocks and self-educate through resources like The Motley Fool.

At Brown, he joined the investment club, learning from peers with Wall Street ties. Adamolekun emphasized preparation over pretense, explaining how he studied rigorously to hold his own in Goldman Sachs interviews, despite not coming from a finance lineage. His parents, particularly his neurologist father, instilled a drive for excellence regardless of the field, a mindset reinforced by their immigrant experience.

How Did You End Up at Red Lobster?

He explained that after his success with P.F. Chang’s, he consulted for Fortress, a group that lent money to Red Lobster pre-bankruptcy and later took ownership. Initially an advisor, he presented a turnaround plan they loved, leading to his appointment as CEO in September 2024. Adamolekun saw the role as a chance to save an iconic brand with deep cultural ties, leveraging his experience from P.F. Chang’s to tackle a larger-scale revival.

How Do You Save Red Lobster Now?

Adamolekun stressed leaning into the chain’s strengths, its cheddar bay biscuits, lobster, and crab, which represent 25% of North America’s wild-caught supply.

He aims to reframe perceptions by highlighting the premium quality of the food, which rivals high-end establishments, and enhancing service through initiatives like “Red Carpet Hospitality.” Launched recently, this program trains staff to recognize, engage, and delight guests, with early results doubling customer sentiment scores from 30 to 60. Ambiance upgrades, like remodels and better music, are in progress, though he acknowledged the challenge of resizing Red Lobster’s large footprints compared to fast-casual chains like Chipotle.

Why Did You Take This Job During Bankruptcy?

Adamolekun dismissed the notion of being a token hire, citing his track record of excellence from football to Ivy League education to turning around P.F. Chang’s. He sees Red Lobster as a calculated risk worth taking, driven by its potential to thrive again and support its 30,000 employees. His ambition, energy, and belief in the brand fueled his decision, not external pressures.

How Do You Address the Stigma of Chain Restaurants?

Adamolekun countered that Red Lobster’s unique offerings of lobster and crab set it apart, with a focus on quality over generic chain fare. New menu items like the Lobster Poutine and partnerships with figures like Blake Griffin and Snoop Dogg aim to boost relevance while maintaining the nostalgic appeal that keeps customers coming back.

What Challenges Do You Face as a Young CEO?

Adamolekun admitted that respect isn’t automatic but earned through competence and character. His disciplined upbringing, honed by football and immigrant grit, ensures he’s taken seriously after proving himself in conversations and results. He shrugged off DEI criticism, pointing to his consistent success as evidence of merit over optics.

Damola Adamolekun is a leader who blends strategic acumen with cultural awareness. His plan to save Red Lobster hinges on quality food, exceptional service, and a nod to its nostalgic roots, all while navigating the complexities of a post-bankruptcy landscape. At 36, he’s not just a CEO, he’s a symbol of what ambition and preparation can achieve, offering inspiration as he works to restore a cherished American brand.

Subscribe to Notifications