Black Exec Damola Adamolekun Saves Red Lobster. Popular Seafood Restaurant Chain Emerges from Bankruptcy

When Damola Adamolekun came in as CEO of Red Lobster last month, the longtime national seafood chain was in deep financial trouble. In fact, it was in bankruptcy. Now comes news the chain has emerged from Chapter 11 bankruptcy.Adamolekun, known for his tenure at P.F. Chang’s, was appointed to guide Red Lobster through a challenging period and help stabilize the brand under its new ownership structure.Adamolekun, a 35-year-old Nigerian entrepreneur, is now leading the seafood chain with over 500 locations. And he seems to have already turned the company around from the brink.Adamolekun made his mark as a partner at private equity firm TPG, where he helped oversee investments in various restaurant brands, including P.F. Chang’s, where he also served as CEO.He is recognized for his forward-thinking and innovative leadership, especially at P.F. Chang’s, where he spearheaded strategic changes by revamping dining rooms, updating menus to align with market trends, and introducing delivery and to-go options. These initiatives contributed to a 31.7 percent sales increase in 2021 during the pandemic, according to The Q Gentleman.Now at Red Lobster, Adamolekun aims to replicate his past success and help the chain navigate the challenges of the competitive restaurant industry after emerging from...