Damola Adamolekun

Damola Adamolekun
Born	Template:Birth year and age Nigeria
Occupation	Corporate executive
Years active	2010s–present
Known for	CEO of Red Lobster Investor Holdings, former CEO of P. F. Chang's

Damola Adamolekun (born February 1989) is a Nigerian-American corporate leader currently serving as the chief executive officer of Red Lobster Investor Holdings. He holds the distinction of being the youngest individual to assume the CEO role in Red Lobster’s history. Adamolekun brings a strong background in financial and operational turnaround expertise, having previously led P. F. Chang's as CEO during the early 2020s.

Early life and educational background

Born in Nigeria to Yoruba parents in 1989, Damola Adamolekun’s father practiced neurology while his mother worked as a pharmacist. His formative years were spent across Zimbabwe and the Netherlands before relocating to Springfield, Illinois at age nine. Subsequently, his family settled in Columbia, Maryland, where he attended Wilde Lake High School. Demonstrating an early passion for finance, he initiated his first stock investment portfolio at sixteen.

Adamolekun obtained a Bachelor of Arts degree in Economics and Political Science from Brown University, where he also led the Brown Investment Group as President and competed on the Ivy League championship football team. He later earned an MBA from Harvard Business School, serving as Portfolio Manager for the HBS Investment Club.

Career

Adamolekun began his professional journey as an Investment Banker at Goldman Sachs before transitioning to a private equity associate role at TPG Inc. His governance experience includes board memberships at P.F. Chang's, Inday, NuLeaf, the National Restaurant Association, and International Tower Hill Mines.

P. F. Chang's

After completing his MBA at Harvard Business School in 2017, Adamolekun joined Paulson & Co., an investment firm established by hedge fund magnate John Paulson. During this period, P. F. Chang’s was placed on the market; Adamolekun advocated for its acquisition to Paulson, resulting in Paulson & Co. alongside TriArtisan Capital Advisors securing a controlling interest in P.F. Chang's in 2019. He subsequently joined the company’s board and was appointed Chief Strategy Officer.

In 2020, at age 31, Adamolekun became the first Black CEO of P. F. Chang's. His tenure saw the launch of P. F. Chang's To Go, significantly growing the brand’s delivery segment. Amidst the COVID-19 pandemic, he steered the company back to profitability with a 31.7% rise in sales by 2021 and annual revenues reaching $1 billion. After four years as CEO, Adamolekun stepped down in 2023 but maintained involvement with the brand’s private equity stakeholders.

Red Lobster

In May 2024, the seafood restaurant chain based in Orlando, Red Lobster, initiated Chapter 11 bankruptcy proceedings, resulting in the closure of 93 outlets and managing a debt exceeding $1 billion. By mid-June, Fortress Investment Group, co-founded by Milwaukee Bucks co-owner Wesley Edens, showed interest in purchasing the company.

Later, on August 26, Fortress named Damola Adamolekun as CEO of Red Lobster Investor Holdings LLC, marking him as the youngest individual to hold this position in the company’s history. Previously associated with P.F. Chang's, Adamolekun revealed intentions to drive a strategic turnaround emphasizing gradual enhancements rather than a full-scale transformation, highlighting Red Lobster’s status as America’s pioneering successful casual dining brand.

Recognition and awards

• GLOBEE Silver Award – CEO of the Year in Food and Beverage (2021)
• GLOBEE Gold Award – CEO of the Year, Hospitality, Travel, Recreation, Leisure (2021)
• GLOBEE Silver Award – Transformational Leader of the Year (2021)
• The Rising Star – Top CEO of the Year (2021)
• Fortune 100 Most Powerful People (2024)

External links

• National Restaurant Association Profile - Damola Adamolekun