P.F. Chang’s CEO departs
P.F. Chang’s China Bistro has started a search for new CEO.
The Asian-inspired restaurant chain said that Damola Adamolekun has decided to step down as CEO, effective August 1st, 2023. He will return to Paulson & Co. Inc. as a partner focusing on investments. Adamolekun has served as chief executive of P.F. Chang’s since July 2020 after helping lead the 2019 deal in which the company was acquired by Paulson & Co. and TriArtisan Capital Advisors from Centerbridge Partners L.P.
Rohit Manocha, a shareholder representative and P.F. Chang’s board member since 2019, has been named CEO and is working with an independent recruitment firm to conduct a search for a successor. Manocha is the co-founder of TriArtisan Capital Advisors, a private investment firm, and his responsibilities include serving as chairman of TGI Fridays and a board member of Dover Saddlery and of Mears Transportation.
"Damola stepped in as CEO in the midst of the Covid-induced economic shut down and successfully pivoted the business to off-premise dining to continue to serve customers and stabilize cash flow,” said John Paulson, board chairman and president of Paulson. “Subsequently, he returned the company to growth through a total brand refresh and new restaurant openings that position P.F. Chang's for long-term success. We are grateful for his leadership of the company during this period."
In the four and half years since P.F. Chang’s was acquired, the company has invested more than $200 million to open more than ten bistros and two flagships, revitalized the existing store fleet and upgraded the menu and experience in restaurants. The company also has significantly expanded its takeout and delivery business, launching a small-footprint P.F. Chang's To Go format.
“The P.F. Chang's brand and restaurant network are in a great position, and I look forward to working closely with our talented team to build on our momentum, drive increased traffic and transition the Company to its next world class leader,” said Manocha.
Worldwide, P.F. Chang's has more than 300 restaurants in 22 countries and U.S. airport locations.