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Damola Adamolekun

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Damola Adamolekun.
BornFebruary 1989 (age 36)
Nigeria
CitizenshipNigeria
United States (since 1998)
Alma mater
OccupationBusinessman
Years active2020–present
Employer(s)Goldman Sachs
TPG Inc.
Paulson & Co.
Fortress Investment Group
Known forCEO of Red Lobster.
Title6th Chief Executive Officer of Red Lobster
TermAugust 2024–present
PredecessorJonathan Tibus

Damola Adamolekun (born February 1989)[1] is a Nigerian-American business executive and the current chief executive officer of Red Lobster Investor Holdings.[2][3][4][5] He is the youngest CEO of Red Lobster and previously held experience in financial and operational restructuring, particularly as CEO of P. F. Chang's in the early 2020s.[6][7]

Early life and educational background

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Damola Adamolekun was born in Nigeria in 1989 to Yoruba parents, a neurologist (father) and a pharmacist (mother). He spent his early childhood in Zimbabwe and the Netherlands before moving to Springfield, Illinois, with his family at the age of 9. His family later relocated to Columbia, Maryland, where he attended Wilde Lake High School. From a young age, Adamolekun exhibited an interest in business, opening his first stock portfolio at age 16.[8][9]

Adamolekun holds a Bachelor of Arts in Economics and Political Science from Brown University, where he served as President of the Brown Investment Group and was a member of the university’s Ivy League champion football team. He later obtained an MBA from Harvard Business School, where he was a Portfolio Manager for the HBS Investment Club.[10][11]

Career

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Adamolekun began his professional career as an Investment Banker at Goldman Sachs and later worked as a private equity associate at TPG Inc.. He also held board positions at P.F. Chang's, Inday, NuLeaf, the National Restaurant Association, and International Tower Hill Mines. [12][13]

P. F. Chang's

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P. F. Chang's at the mall in Columbia

In 2017, after completing his MBA at Harvard Business School, Adamolekun joined Paulson & Co., an investment firm founded by hedge fund billionaire John Paulson.[14][15] During his time at Paulson & Co., P. F. Chang’s was put up for sale, and Adamolekun pitched the investment idea to Paulson, which led to Paulson & Co. and TriArtisan Capital Advisors acquiring a controlling stake in P.F. Chang's in 2019.[16] After the acquisition Adamolekun joined the board and became the company's Chief Strategy Officer.[17]

In 2020, Adamolekun became P. F. Chang's first Black CEO at the age of 31.[18][19][20] During his tenure, the company launched P. F. Chang's To Go, a concept that led to the growth of the brand’s delivery business. During the COVID-19 pandemic, Adamolekun returned P. F. Chang's to profitability with a 31.7% increase in sales by 2021 and annual revenues of $1 billion.[21][22][23][24][25] In 2023, Adamolekun stepped down as CEO of P. F. Chang’s after four years in the role but remained involved with the brand’s private equity owners.[26][27]

Red Lobster

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Red Lobster

In 2024, the Orlando-based seafood chain Red Lobster slipped towards bankruptcy, closing 93 locations and filing for Chapter 11 bankruptcy protection on May 20, 2024, with over $1 billion in debt.[28][29][30] On June 14, 2024 it was reported that Fortress Investment Group, a Wall Street investment firm co-founded by Milwaukee Bucks co-owner Wesley Edens, was interested in acquiring the company.[31][32]

Fortress Investment Group Logo

On August 26, 2024, Fortress appointed Adamolekun CEO of Red Lobster Investor Holdings LLC, making him the youngest CEO in the company’s history.[33][34][35] Adamolekun stated that he wanted to lead Red Lobster’s turnaround because of its history as the "first really successful casual dining chain in America at scale", and that his approach to Red Lobster’s recovery would focus on incremental changes rather than a complete overhaul.[36]

Recognition and awards

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  • CEO of the Year in the Food and Beverage: GLOBEE  Silver Award –2021. [37][38]
  • CEO of the Year, Hospitality, Travel, Recreation, Leisure; GLOBEE  Gold Award –2021. [39]
  • Transformational Leader of the Year. GLOBEE Silver Award –2021. [40]
  • Top CEO of the Year The Rising Star –2021. [41]
  • Fortune 100 Most Powerful People–2024.[42]

References

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  1. ^ Africa, Susa (2022-04-26). "Meet Damola Adamolekun, P.F. Chang's First Black CEO". Susa Africa. Retrieved 2024-10-08.
  2. ^ "Red Lobster Escapes Bankruptcy, New CEO Damola Adamolekun Appointed - BlueprintAfric". BlueprintAfric - Africa's Leading Internet Newspaper. 2024-09-19. Retrieved 2024-10-08.
  3. ^ Oluwadara, Stephen (2024-08-27). "Meet the 35-year-old CEO Appointed to Lead Red Lobster Out of Bankruptcy". UrbanGeekz. Retrieved 2024-10-08.
  4. ^ Thrapp, Jacki (2024-10-06). "Red Lobster's new CEO Damola Adamolekun admits the endless shrimp deal caused "chaos"". Retrieved 2024-10-08.
  5. ^ Perry, Alex. "Red Lobster closed many restaurants, including some in Ohio, but CEO wants to 'grow from here'". The Enquirer. Retrieved 2024-10-08.
  6. ^ "MSN". www.msn.com. Retrieved 2024-10-08.
  7. ^ "Transcript: The Path Forward: Restaurant Recovery with Damola Adamolekun". Washington Post. 2022-04-06. ISSN 0190-8286. Retrieved 2024-10-08.
  8. ^ "Damola Adamolekun". NRA. Retrieved 2024-10-07.
  9. ^ "Red Lobster announces new CEO after closing chapter on bankruptcy | F…". archive.is. 2024-09-01. Retrieved 2024-10-08.
  10. ^ "Damola Adamolekun". RestaurantSpaces. Retrieved 2024-10-07.
  11. ^ Rogelberg, Sasha. "Red Lobster CEO secretly visited restaurants around the country before being made boss". Fortune. Retrieved 2024-10-07.
  12. ^ "Fortress Appoints Damola Adamolekun as CEO of RL Investor Holdings LLC; to become CEO of Red Lobster upon court approval of the Red Lobster Chapter 11 plan | Fortress". www.fortress.com. Retrieved 2024-10-07.
  13. ^ "Meet Damola Adamolekun: The History-Making 33-Year-Old Nigerian Who Is The First Black CEO Of P.F. Chang's | Duchess International Magazine". 2022-04-26. Retrieved 2024-10-07.
  14. ^ "Paulson & Co Inc - Company Profile and News". Bloomberg.com. Retrieved 2024-10-08.
  15. ^ "John Paulson". Forbes. Retrieved 2024-10-08.
  16. ^ Yaeger, Don. ""Conquer Something Early Every Day," Says P. F. Chang's CEO Damola Adamolekun". Forbes. Retrieved 2024-10-07.
  17. ^ Rogelberg, Sasha. "Red Lobster CEO secretly visited restaurants around the country before being made boss". Fortune. Retrieved 2024-10-07.
  18. ^ "P.F. Chang's - Case - Faculty & Research - Harvard Business School". www.hbs.edu. Retrieved 2024-10-08.
  19. ^ Madell, Robin (2023-01-13). "I'm the CEO of P.F. Chang's. My day starts with a 5 a.m. workout and ends with a cigar on the patio — here's what my routine is like". Business Insider Africa. Retrieved 2024-10-08.
  20. ^ "DAMOLA ADAMOLEKUN, CEO OF P.F. CHANG'S, SAYS 'MY WORK IS MY LIFE'". texasmetronews.com. 30 May 2023. Retrieved 2024-10-08.
  21. ^ "PF Changs Announces CEO Transition". Default. Retrieved 2024-10-08.
  22. ^ "Who Is Damola Adamolekun? Meet The 35-Year-Old Who's Now CEO Of Red Lobster And Formerly Led P.F. Chang's". Yahoo Finance. 2024-08-30. Retrieved 2024-10-08.
  23. ^ "Damola Adamolekun". NRA. Retrieved 2024-10-08.
  24. ^ "Meet 33-Year-Old Damola Adamolekun, the First Black CEO of P.F. Chang's". www.theqgentleman.com. 26 April 2022. Retrieved 2024-10-08.
  25. ^ "P.F. Chang's CEO steps down". Restaurant Dive. Retrieved 2024-10-08.
  26. ^ "Damola Adamolekun to step down as CEO of P.F. Chang's China Bistro". Nation's Restaurant News. 2023-07-31. Retrieved 2024-10-08.
  27. ^ "P.F. Chang's CEO Damola Adamolekun steps down". Restaurant Business. Retrieved 2024-10-08.
  28. ^ Reuter (May 20, 2024). "Red Lobster seeks bankruptcy protection with $100 million in financing commitments". Reuters. Retrieved October 8, 2024.
  29. ^ "International Franchises | Red Lobster Seafood Restaurants". www.redlobster.com. Retrieved 2024-10-08.
  30. ^ bcoley (2024-08-26). "Red Lobster Names Damola Adamolekun CEO". FSR magazine. Retrieved 2024-10-08.
  31. ^ Zilber, Ariel (2024-06-14). "Firm co-founded by Milwaukee Bucks co-owner wants to save Red Lobster". Retrieved 2024-10-08.
  32. ^ John (2024-09-17). "Red Lobster Chain Exits Bankruptcy; Damola Adamolekun Appointed CEO". Frozen Foods Biz. Retrieved 2024-10-08.
  33. ^ "Red Lobster Lenders Tap Ex-P.F. Chang's Head Adamolekun as CEO". Bloomberg.com. 2024-08-26. Retrieved 2024-10-08.
  34. ^ Christine Blank (August 26, 2024). "Red Lobster names new CEO, will close 23 more restaurants". Retrieved October 8, 2024.
  35. ^ Sapin, Rachel (2024-08-26). "Red Lobster's new owner names former P.F. Chang's CEO to lead chain out of bankruptcy". intrafish.com. Retrieved 2024-10-08.
  36. ^ Feng, John General, Nathaniel Meyersohn, Alexandra King, Zach Wasser, FJ (2024-10-03). 'A lot of chaos': Red Lobster's new CEO explains what went wrong with endless shrimp | CNN Business. Retrieved 2024-10-08 – via www.cnn.com.{{cite AV media}}: CS1 maint: multiple names: authors list (link)
  37. ^ Awards, Globee (2023-07-02). "1989 Winners | Leadership Awards". Globee® Business Awards. Retrieved 2024-10-08.
  38. ^ "SoftClouds - Globee® Awards Announces Winners in the 9th Annual 2021 CFO World Awards®". softclouds. Retrieved 2024-10-08.
  39. ^ Awards, Globee (2023-07-02). "2021 Winners | Leadership Awards". Globee® Business Awards. Retrieved 2024-10-08.
  40. ^ Awards, Globee (2023-07-02). "2021 Winners | Leadership Awards". Globee® Business Awards. Retrieved 2024-10-08.
  41. ^ "Fortress Appoints Damola Adamolekun as CEO of RL Investor Holdings LLC; to become CEO of Red Lobster upon court approval of the Red Lobster Chapter 11 plan | Fortress". www.fortress.com. Retrieved 2024-10-08.
  42. ^ "100 Most Powerful People in Business". Fortune. Retrieved 2024-11-14.
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