Red Lobster’s New CEO: Everything You Need to Know About Damola Adamolekun

You know what’s been all over the news lately? Red Lobster. And no, I’m not talking about their famous Cheddar Bay Biscuits this time.

The seafood chain that’s been around for decades just went through some rough times bankruptcy, restaurant closures, the whole nine yards. But here’s where it gets interesting: they brought in a new CEO to turn things around.

People want to know who’s running the show now. What’s his background? How much does he make? And most importantly can he actually save Red Lobster?

Let me break it all down for you.

So Who’s the CEO of Red Lobster Anyway?

His name is Damola Adamolekun. Yeah, I know not exactly a name you hear every day in the restaurant business.

He officially took over as CEO in September 2024, right after Red Lobster emerged from bankruptcy. The company’s new owners a group led by Fortress Investment Group handpicked him for the job.

And get this: Damola’s only 36 years old. That’s pretty young to be running a massive seafood chain with hundreds of locations across the country.

Before Red Lobster, he was the CEO of P.F. Chang’s, that Asian dining chain you’ve probably been to. He ran that place from 2020 to 2024, helping them survive through COVID and everything that came with it.

What makes him qualified? Well, besides running P.F. Chang’s, he’s got a background in finance and investment banking. He worked at Goldman Sachs early in his career, then moved into the restaurant world. That combo of money smarts and restaurant experience is exactly what Red Lobster needed.

His big goal? Make Red Lobster feel fresh again while keeping what people love about it. Basically, fix what’s broken without messing up the stuff that works.

How He Got Here: The Career Journey

Damola didn’t start his career flipping seafood, that’s for sure.

After graduating from Brown University back in 2011, he jumped straight into investment banking at Goldman Sachs. From there, he worked at Paulson & Co., a private investment firm where he focused on you guessed it restaurants and hospitality businesses.

Then he went back to school and got his MBA from Harvard Business School in 2016. He studied operational management and corporate turnarounds, which honestly sounds boring but it’s exactly the kind of training you need when you’re trying to save a struggling company.

His time at P.F. Chang’s was the real testing ground, though. He took over right when COVID hit and had to completely rethink how the business worked. More takeout, different menus, new strategies. And from what industry folks say, he did a pretty solid job.

That’s why Fortress wanted him for Red Lobster. They weren’t looking for someone who’d played it safe their whole career. They needed someone who knew how to shake things up and make tough calls.

A Little About His Background

Here’s something most people don’t know: Damola was actually born in Nigeria in February 1989. His family moved to the U.S. when he was younger, and he grew up between two completely different cultures.

That’s part of what makes his story interesting. He’s a Nigerian-American who went from investment banking to running one of America’s most recognizable seafood chains. Not your typical CEO path.

He’s based in Scottsdale, Arizona these days, according to reports. As for his personal life? He keeps that pretty private, which honestly makes sense when you’re trying to turn around a struggling company. You probably don’t want reporters digging into your family stuff.

Education-wise, the guy’s got serious credentials. Brown University for undergrad, Harvard for his MBA. But here’s the thing having fancy degrees doesn’t automatically make you good at running a restaurant chain. What matters is whether you can connect with regular people, understand what customers want, and keep employees happy.

From what I’ve seen in his interviews and company statements, he seems pretty down-to-earth about the whole thing. No corporate jargon, no pretending everything’s perfect when it’s not.

What His Appointment Means for Representation

Let me touch on something important here: Damola’s also one of the few Black CEOs running a major casual dining chain in America.

That matters. The restaurant industry has historically been pretty slow when it comes to diverse leadership at the top levels. Lots of diversity in the kitchens and dining rooms, sure. But in the executive suites? Not so much.

His appointment sends a message that Red Lobster’s new owners are thinking differently about leadership. They picked him because of his track record and skills, but his background also brings a different perspective to the table.

Does having diverse leadership actually help companies? Research says yeah, it does. Different viewpoints lead to better decision-making, especially when you’re trying to appeal to customers from all walks of life.

But at the end of the day, what really counts is results. Can he turn Red Lobster around? That’s what everyone’s watching for.

The Money Question: What Does He Actually Make?

Okay, real talk this is what a lot of people really want to know. How much does the Red Lobster CEO make?

Here’s the thing: we don’t have exact numbers. Red Lobster’s privately owned now, so they don’t have to disclose CEO compensation like public companies do. But we can make some educated guesses based on industry standards.

For casual dining chains this size, CEOs typically earn:

• Base salary somewhere in the $500K to $1 million range
• Performance bonuses that can double or triple that
• Stock options or equity (though that’s tricky with private companies)
• Other perks like car allowances, insurance, maybe housing help

Add it all up, and total compensation for a CEO at this level usually lands somewhere between $2 million and $5 million per year. That’s assuming the company hits its targets and he gets his bonuses.

Now, is that a lot of money? Obviously yes. But compared to CEOs at massive public companies who make $20 million or $50 million? It’s actually pretty modest.

As for Damola’s personal net worth, some sources estimate it around $10 million. That comes from his years in banking, his time at P.F. Chang’s, and probably some smart investments along the way. But again these are estimates. He hasn’t gone on TV announcing his bank account balance.

The reality is, being a CEO of a turnaround company isn’t where you get mega-rich. If he pulls this off and Red Lobster becomes super profitable again, then yeah, he’ll do very well. But right now? He’s earning good money while taking on a massive challenge.

What’s His Plan to Fix Red Lobster?

Alright, so what’s he actually doing since he took over? Because anyone can have fancy titles and credentials. What matters is action.

First up: he killed the endless shrimp deal. You remember that promotion, right? All-you-can-eat shrimp for like 20 bucks or whatever. Customers loved it. Problem was, Red Lobster was losing money on every single person who ordered it. Some folks would sit there for two hours eating plate after plate of shrimp. The math just didn’t work.

So that’s gone. And yeah, some customers are mad about it. But when you’re bleeding cash, you can’t keep running promotions that lose money.

He’s also fixing up the menu bringing back some old favorites people missed, adding new items that actually make sense. Not just random stuff, but dishes that work with their supply chain and don’t cost a fortune to make.

Then there’s the whole customer experience thing. Let’s be honest: a lot of Red Lobster locations had gotten kind of tired-looking. Old furniture, worn-out décor, that sad feeling of a place that’s past its prime. Damola’s working on updating about 50 locations to start, making them feel fresher without completely changing what Red Lobster is.

He’s also big on employee training and morale. You can’t have good customer service if your staff is miserable and underpaid. Industry reports say he’s focused on better pay, better training, and actually listening to what front-line workers say about how to improve things.

Supply chain stuff is getting attention too. Seafood prices bounce all over the place, and Red Lobster was locked into some bad contracts that made it hard to stay profitable. He’s renegotiating deals and trying to get smarter about sourcing.

The Challenges He’s Up Against

Let me be straight with you: he didn’t walk into an easy situation.

Red Lobster filed for Chapter 11 bankruptcy in May 2024 with over a billion dollars in debt. They had to close about 100 restaurants that weren’t making money. The company had been struggling for years with bad decisions, expensive leases, and tough competition.

Speaking of competition casual dining is brutal right now. You’ve got Olive Garden (which is actually crushing it), Bonefish Grill, Joe’s Crab Shack, and a million other places fighting for the same customers. Plus younger people are more into fast-casual spots or unique local restaurants than big chains.

Then there’s all the usual restaurant industry headaches:

• Food costs keep going up
• Finding good workers is hard
• Customers are picky about value for their money
• Delivery apps are changing how people eat out

And here’s something that doesn’t get talked about enough: Red Lobster’s brand image problem. A lot of younger folks see it as their parents’ restaurant, not somewhere cool or interesting. How do you fix that without alienating the customers who actually do love Red Lobster as it is?

That’s the tightrope Damola’s walking. Change too much, and you lose your core fans. Don’t change enough, and you keep sliding into irrelevance.

What You’ll Actually Notice as a Customer

So if you’re someone who goes to Red Lobster (or used to), what’s different now?

Some locations have already started testing new menu items. I’ve seen people mention better-quality fish, more creative preparations, stuff that feels a bit more upscale without crazy high prices.

Service seems to be improving at some spots too. Not everywhere big chains are always going to have inconsistency. But the focus on training and better pay for workers is starting to show results in some places.

You might notice fresher-looking restaurants if they’ve updated your local spot. New paint, better lighting, more comfortable seating. Little things that add up.

Pricing has changed a bit. Without the endless shrimp and some other deep-discount promotions, your bill might be slightly higher. But the tradeoff is supposed to be better quality and a better experience overall.

What you probably won’t see right away: tons of new locations opening up. Damola’s focused on making existing restaurants profitable first before thinking about expansion. That just makes sense.

Bottom Line: Can He Actually Pull This Off?

Here’s what it comes down to: Damola Adamolekun has the background, the skills, and apparently the guts to take on a really tough job.

Turning around a bankrupt restaurant chain isn’t easy. Most attempts fail. But he’s got some things going for him new ownership that eliminated a bunch of debt, experience from successfully running P.F. Chang’s through tough times, and a clear-eyed view of what needs to change.

Will it work? Honestly, nobody knows yet. It’s way too early to call it. The restaurant industry is unforgiving, and customer loyalty is fickle.

But what I do know is this: Red Lobster needed someone willing to make hard choices and try new things. Someone who understands both the money side and the actual restaurant operations. Someone young enough to think differently but experienced enough to know what they’re doing.

Whether you’re a Red Lobster regular or just someone who finds this kind of business story interesting, it’s worth keeping an eye on what happens next. Because if he pulls this off, it’ll be one of those classic turnaround stories people study in business school.

And if nothing else, at least those Cheddar Bay Biscuits aren’t going anywhere. Some things are too good to mess with.