How Rich Is The Red Lobster CEO And What's The Average Pay Of Its Employees?

Beloved for its Cheddar Bay biscuits and expansive selection of seafood dishes, Red Lobster is a restaurant chain near and dear to the hearts of many diners. While Red Lobster has experienced lots of ups and downs over the years, including various lawsuits and financial obstacles, the establishment appears to be on the upswing lately. In addition to recently exiting its Chapter 11 bankruptcy filing, the restaurant has also named a new CEO. Damola Adamolekun, who previously served as CEO at P.F. Chang's, is known for his keen business sense and impressive work ethic. 

The former investment banker was brought onboard to get Red Lobster back on track financially, and so far, his expertise seems to be paying off. As a result, Adamolekun is likely looking at an exceptional pay rate for helming the chain. Red Lobster's CEO salary isn't entirely clear, but Salary.com lists the median pay for a CEO in the U.S. as $880,692 per year (within a range of $660,975 to $1,125,102). Adamolekun's salary is similarly hard to pinpoint, but estimates place the executive's net worth at $10 million. (It should be noted that this information cannot be confirmed.) A high net worth definitely stands to reason when you consider Adamolekun's impressive career. 

With placement on two Forbes best of lists (America's Best Employers By State in 2024 and America's Best Large Employers in 2023), Red Lobster seems like a decent place to work. Salary data posted on Indeed states that waitstaff at Red Lobster can make as much as $19.71 per hour for an annual income of $40,997. While this rate is unlikely to rival Damola Adamolekun's CEO salary, pay rates for Red Lobster servers are above the national average. When it comes to other staff, Indeed reports that line cooks typically earn an hourly wage of $16.14 ($33,571 per year), while general managers can make as much as $70,532 annually. 

Per Indeed reviews, one Red Lobster server appreciates the "very nice coworkers and environment," while another states, "My manager made sure I had all the hours I needed." Despite the positive impressions, a specific employee policy at the chain has come under fire. Red Lobster's paid sick leave policy caused an outcry on social media when it was reported that some employees felt forced into working even when ill. It's not clear whether this policy has been amended, but Red Lobster's employee perks and benefits page on the company website does not mention paid sick leave (though paid time off for vacations and holidays is mentioned). Here's hoping that new CEO Adamolekun addresses this issue during his time at the chain.