Who Is The 36-Year-Old CEO Bringing Red Lobster Out Of Bankruptcy?

Not every struggling seafood chain can make a comeback, but Red Lobster is a bona fide success story. Much of that can be attributed to Damola Adamolekun, Red Lobster's 36-year-old CEO and business prodigy. Despite his young age, Adamolekun has a lengthy and impressive career behind him. Red Lobster's current CEO started out as an analyst at Goldman Sachs and quickly made his way up the corporate ladder, eventually becoming partner at Paulson & Co. (an investment firm) while also serving as P.F. Chang's CEO for over four years.

Adamolekun was appointed to his position at Red Lobster by Fortress Investment Group. Since joining in 2024, the CEO has had a major effect on the seafood restaurant, which exited Chapter 11 bankruptcy shortly after Adamolekun took charge. In a conversation with Goldman Sachs, the young business star expressed lofty ambitions for the future of Red Lobster, as well as himself. As Adamolekun explained, "I aim to continue growing as a leader who drives meaningful impact—not only within the organizations I serve but also in the communities we touch.

It's safe to assume that Red Lobster's CEO is compensated quite well based on all the good Damola Adamolekun has done for the seafood chain. He also has other impressive achievements under his belt. He was born in Nigeria and immigrated to the U.S. in 1998 with his parents. A graduate of Brown University and Harvard Business School, Adamolekun showed a promising level of business acumen before stepping into his current role. For instance, it's been reported that Adamolekun suggested acquiring P.F. Chang's to Paulson & Co., a move that resulted in lots of success for the investment company. 

Along with his career success, Adamolekun has accomplished a few firsts. In addition to being the youngest CEO to lead Red Lobster, he was P.F. Chang's first Black CEO. His positive impact on that company as well as Red Lobster would help land Adamolekun on the list of Fortune's Most Powerful People in Business in 2024.

It's been claimed that Red Lobster's Ultimate Endless Shrimp offer was a factor in the chain's bankruptcy filing. While it might not have been solely responsible for the restaurant's money woes, the decision to make the deal permanent likely played a role in the company's massive $11 million loss in the third quarter of 2023. As a result, Damola Adamolekun was adamant about ending the promotion when he became CEO of the seafood chain. As reported by Fortune, Adamolekun shared his thoughts on the matter with "Today," explaining that the shrimp promotion ultimately got the axe "because I know how to do math." 

Red Lobster's wunderkind CEO was a little more conciliatory when speaking with Bloomberg (via Instagram). In the news clip, Adamolekun praised the promotion for its initial success and believed that poor execution of the deal was the real issue. The CEO also stated that Red Lobster is appreciative of customer feedback and takes the wants and needs of consumers seriously. While the Ultimate Endless Shrimp is no longer available, the brand is in the process of researching and developing new promotions and menu items to entice diners.

Under Damola Adamolekun's guidance, Red Lobster is riding the waves of success once again. In addition to exiting bankruptcy, the chain is anticipating vastly improved financials in 2026. Innovation is Adamolekun's secret weapon, as illustrated by Red Lobster's seafood boils, which proved incredibly popular among diners. Guests will also find other new items at the chain, including scallops wrapped in bacon and pappardelle pasta with lobster. In addition to incorporating new items, the young CEO is working on making the restaurant's menu more efficient while also highlighting classic items that diners love, such as popcorn shrimp and hush puppies.

One of the most remarkable aspects of these updates is their timeliness. When diners asked for new seafood boil options, Red Lobster added Cajun sausage, Old Bay Parmesan, and spicy in a matter of days. Adamolekun has also expressed the desire to revamp other aspects of the chain. The CEO wishes to improve the dining atmosphere to make the restaurant a livelier, more energetic place to enjoy a meal. He has indicated that this could involve music and new decor. Additionally, Adamolekun has said that he aims to reduce the cost of dining at Red Lobster. As for looming tariffs on imported products, he has offered assurances that higher prices won't be passed along to diners.