Former CEO of P.F. Chang’s to head up Red Lobster
Red Lobster has a new chief executive officer — pending court approval.
Fortress Investment Group has appointed Damola Adamolekun, the former head of P.F. Chang’s China Bistro, as CEO of RL Investor Holdings. RL Investor Holdings is a new entity that is seeking bankruptcy court approval to acquire the Reb Lobster chain. It has been created by funds managed by affiliates of Fortress alongside co-investors TCW Private Credit and Blue Torch. The casual-dining seafood chain filed for bankruptcy in May with plans to sell itself.
Upon court approval of the Red Lobster Chapter 11 plan, Adamolekun will become CEO of the reorganized chain. It will continue to operate as an independent company, with 544 locations across 44 U.S. states and four Canadian Provinces.
Most recently, Adamolekun was an operating partner at Garnett Station Partners, whose portfolio includes Pollo Tropical, Primanti Bros, Twin Peaks, Checkers and Carrols Restaurant Group. Before that, from 2019 to 2023, he was CEO of P.F. Chang’s China Bistro, where he led the company in strategic initiatives ensuring the continued growth and success of one of the most important hospitality brands in the world. Adamolekun also served as chief strategy officer at P.F. Chang’s and as a partner at Paulson & Co., a New York-based investment firm and the principal owner of P.F. Chang’s,
Previously, Adamolekun worked in the investment banking division of Goldman Sachs and as a private equity associate at TPG Capital.
“We’re excited to bring Damola on board to drive our investment plan for Red Lobster,” said Morgan McClure, managing director at Fortress. “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.”
Red Lobster shuttered about 90 restaurants immediately prior to its bankruptcy filing and went on to to close a number of additional locations. In a bankruptcy filing last week, the company said it was rejecting the leases of 23 struggling locations. It plans to close the restaurants by Aug. 31.
At Red Lobster, Adamolekun will succeed restructuring expert Jonathan Tibus, who has served as CEO since March and has led the company through its ongoing bankruptcy and restructuring.
“Red Lobster is an iconic brand with a tremendous future,” said Adamolekun. “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. 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 U.S. and Canada.”
Fortress-backed SPB Hospitality is a leading operator and franchisor of full-service dining restaurants, spanning a national footprint of hundreds of restaurants and breweries, including Logan’s Roadhouse, ChopHouse & Brewery, J. Alexander’s, Rock Bottom Restaurant & Brewery, Gordon Biersch Brewery Restaurant and more.
