Damola Adamolekun will be Red Lobster’s chief executive officer if its sale to an affiliate of Fortress Capital goes through, Fortress said Monday.
The appointment and sale both still require court approval as the company is undergoing reorganization following its filing for Chapter 11 bankruptcy protection in May.
Adamolekun most recently was CEO of P.F. Chang’s, a position he held until December of 2023, and he has since been an operating partner of Garnett Station Partners, whose portfolio includes Pollo Tropical, Primanti Bros, Twin Peaks, Checkers, and Carrols Restaurant Group.
Prior to being P.F. Chang’s CEO, he was its chief strategy officer as well as a partner in P.F. Chang’s principal owner, Paulson & Co., an investment firm based in New York City. Before that he worked for the investment banking division of Goldman Sachs and as a private equity associate at TPG Capital. He has also served on the board of P.F. Chang’s, Inday, the National Restaurant Association, and International Tower Hill Mines.
Red Lobster is now owned by RL Investor Holdings LLC., an affiliate of Fortress and the chain’s other major creditors.
The announcement comes after filings on Thursday in the United States Bankruptcy Court for the Middle District of Florida announcing the closure of another 23 of its locations. Red Lobster rejected the leases of those locations, saying they were a drain on financial resources.
Red Lobster had previously closed 93 restaurants in the run up to its bankruptcy filing and has subsequently closed a number of locations since.
The press release announcing Adamolekun’s tentative appointment put the current unit count of the chain at 544 restaurants in 44 states and four Canadian provinces.
A hearing on the sale of Red Lobster is scheduled for Sept. 5.
Adamolekun said he was looking forward to his new job.
“Red Lobster is an iconic brand with a tremendous future. I’m looking forward to working with our team members across North America to reinvigorate the brand by making it the best place to work for our employees and improving the experience for our guests,” he said in a statement. “I want to thank all of my future colleagues at Red Lobster who have demonstrated extraordinary resilience and dedication to the franchise during the bankruptcy process. 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.”
Fortress managing director Morgan McClure praised Adamolekun for his background and energy.
“We’re excited to bring Damola on board to drive our investment plan for Red Lobster,” he said in a statement. “Fortress has a strong track record of operating and improving iconic American restaurants, and Damola’s energy, leadership and experience will be key to restoring Red Lobster’s status as an iconic and admired American brand.”
Contact Bret Thorn at [email protected]
