Damola Adamolekun Explained

Damola Adamolekun
Birth Place:Nigeria
Citizenship:Nigeria(1989–present)
United States (1998–present)
Occupation:Businessman
Years Active:2020–present
Employer:Goldman Sachs
TPG Inc.
Paulson & Co.
Fortress Investment Group
Known For:CEO of Red Lobster
6th Chief Executive Officer of Red Lobster
Term:August 2024–present
Predecessor:Jonathan Tibus

Damola Adamolekun (born February 1989)[1] is a Nigerian-American business executive, recognised as the youngest Chief executive officer of Red Lobster Investor Holdings. [2] [3] [4] [5] He was the first Black CEO of P. F. Chang’s, a major Asian-American fusion restaurant chain.[6] [7] Damola is known for his leadership in the restaurant industry and his role in guiding companies through financial and operational restructuring.[8] [9]

Early life and educational background

Damola was born in Nigeria in 1989 to Yoruba parents, a neurologist (father) and a pharmacist (mother). He spent his early childhood in Zimbabwe and the Netherlands before moving to Springfield, Illinois, with his family at the age of 9. His family later relocated to Columbia, Maryland, where he attended high school. From a young age, Damola exhibited an interest in business, opening his first stock portfolio at age 16. [10] [11]

Damola holds a Bachelor of Arts in Economics and Political Science from Brown University, where he served as President of the Brown Investment Group and was a member of the university’s Ivy League champion football team. He later obtained an MBA from Harvard Business School, where he was a Portfolio Manager for the HBS Investment Club.[12] [13]

Career

Damola began his professional career as an Investment Banker at Goldman Sachs and later worked as a Private Equity Associate at TPG Inc. He also held board positions at P.F. Chang's, Inday, NuLeaf, National Restaurant Association and International Tower Hill Mines. [14] [15]

P.F. Chang's

In 2017, after completing his MBA at Harvard Business School, Damola joined Paulson & Co. an investment firm founded by hedge fund billionaire John Paulson.[16] [17] During his time at Paulson & Co, P.F. Chang’s was put up for sale, Damola pitched the investment idea to Paulson, which led to the 2019 deal that made Paulson & Co. and TriArtisan Capital Advisors acquired a controlling stake in P.F. Chang’s.[18] After the acquisition Damola joined the board and became the company's Chief Strategy Officer. [19]

In 2020, Damola became P. F. Chang’s first Black CEO at the age of 31.[20] [21] [22] During his tenure, the company launched P. F. Chang’s To Go, a concept that led to the growth of the brand’s delivery business. He also navigated the company through Covid-19 pandemic challenges, returned it to profitability with a 31.7% increase in sales by 2021 and annual revenues of $1 billion. [23] [24] [25] [26] [27] In 2023 Damola stepped down as CEO of P.F. Chang’s after four years in the role but remained involved with the brand’s private equity owners. [28] [29]

Red Lobster

In 2024 the Orlando, Florida-based seafood chain slipped towards bankruptcy closing 93 locations and filing for Chapter 11 bankruptcy protection on May 20, 2024, with over $1 billion in debt. [30] [31] [32] On June 14, 2024 it was reported that Fortress Investment Group, a Wall Street investment firm co-founded by Milwaukee Bucks co-owner Wesley Edens was interested in acquisition of the company. [33] [34] On August 26, 2024, Fortress appointed Damola CEO of Red Lobster Investor Holdings LLC, making him the sixth and youngest CEO in the company’s history. [35] [36] [37] [38] [39] [40] [41] Damola, in a 2024 conversation with CNN reporter Nathaniel Meyersohn, stated that he wanted to lead Red Lobster’s turnaround because of its history as the “first really successful casual dining chain in America at scale.” and his approach to Red Lobster’s recovery would focus on incremental changes rather than a complete overhaul. [42]

Recognition and awards

References

  1. Web site: Africa . Susa . 2022-04-26 . Meet Damola Adamolekun, P.F. Chang's First Black CEO . 2024-10-08 . Susa Africa . en-GB.
  2. Web site: 2024-09-19 . Red Lobster Escapes Bankruptcy, New CEO Damola Adamolekun Appointed - BlueprintAfric . 2024-10-08 . en.
  3. Web site: Oluwadara . Stephen . 2024-08-27 . Meet the 35-year-old CEO Appointed to Lead Red Lobster Out of Bankruptcy . 2024-10-08 . UrbanGeekz . en-US.
  4. Web site: Thrapp . Jacki . 2024-10-06 . Red Lobster's new CEO Damola Adamolekun admits the endless shrimp deal caused "chaos" . 2024-10-08 . en-US.
  5. Web site: Perry . Alex . Red Lobster closed many restaurants, including some in Ohio, but CEO wants to 'grow from here' . 2024-10-08 . The Enquirer . en-US.
  6. Web site: Meet 33-Year-Old Damola Adamolekun, the First Black CEO of P.F. Chang's . 2024-10-08 . www.theqgentleman.com.
  7. Web site: P.F. Chang's CEO Says Dining Is Rebounding - Bloomberg . 2024-10-08 . www.bloomberg.com . EN.
  8. Web site: MSN . 2024-10-08 . www.msn.com.
  9. News: 2022-04-06 . Transcript: The Path Forward: Restaurant Recovery with Damola Adamolekun . 2024-10-08 . Washington Post . en-US . 0190-8286.
  10. Web site: Damola Adamolekun . 2024-10-07 . NRA . en.
  11. Web site: 2024-09-01 . Red Lobster announces new CEO after closing chapter on bankruptcy F… . 2024-10-08 . archive.is.
  12. Web site: Damola Adamolekun . 2024-10-07 . RestaurantSpaces . en-US.
  13. Web site: Rogelberg . Sasha . Red Lobster CEO secretly visited restaurants around the country before being made boss . 2024-10-07 . Fortune . en.
  14. Web site: Fortress Appoints Damola Adamolekun as CEO of RL Investor Holdings LLC; to become CEO of Red Lobster upon court approval of the Red Lobster Chapter 11 plan Fortress . 2024-10-07 . www.fortress.com . en.
  15. Web site: 2022-04-26 . Meet Damola Adamolekun: The History-Making 33-Year-Old Nigerian Who Is The First Black CEO Of P.F. Chang's Duchess International Magazine . 2024-10-07 . en-US.
  16. Web site: Paulson & Co Inc - Company Profile and News . 2024-10-08 . Bloomberg.com . en.
  17. Web site: John Paulson . 2024-10-08 . Forbes . en.
  18. Web site: Yaeger . Don . "Conquer Something Early Every Day," Says P. F. Chang's CEO Damola Adamolekun . 2024-10-07 . Forbes . en.
  19. Web site: Rogelberg . Sasha . Red Lobster CEO secretly visited restaurants around the country before being made boss . 2024-10-07 . Fortune . en.
  20. Web site: P.F. Chang's - Case - Faculty & Research - Harvard Business School . 2024-10-08 . www.hbs.edu.
  21. Web site: Madell . Robin . 2023-01-13 . I'm the CEO of P.F. Chang's. My day starts with a 5 a.m. workout and ends with a cigar on the patio — here's what my routine is like. . 2024-10-08 . Business Insider Africa . en.
  22. Web site: DAMOLA ADAMOLEKUN, CEO OF P.F. CHANG'S, SAYS 'MY WORK IS MY LIFE' . 2024-10-08 . texasmetronews.com.
  23. Web site: PF Changs Announces CEO Transition . 2024-10-08 . Default . en.
  24. Web site: 2024-08-30 . Who Is Damola Adamolekun? Meet The 35-Year-Old Who's Now CEO Of Red Lobster And Formerly Led P.F. Chang's . 2024-10-08 . Yahoo Finance . en-US.
  25. Web site: Damola Adamolekun . 2024-10-08 . NRA . en.
  26. Web site: Meet 33-Year-Old Damola Adamolekun, the First Black CEO of P.F. Chang's . 2024-10-08 . www.theqgentleman.com.
  27. Web site: P.F. Chang's CEO steps down . 2024-10-08 . Restaurant Dive . en-US.
  28. Web site: 2023-07-31 . Damola Adamolekun to step down as CEO of P.F. Chang's China Bistro . 2024-10-08 . Nation's Restaurant News . en.
  29. Web site: P.F. Chang's CEO Damola Adamolekun steps down . 2024-10-08 . Restaurant Business . en.
  30. Web site: Reuter . May 20, 2024 . Red Lobster seeks bankruptcy protection with $100 million in financing commitments . . October 8, 2024.
  31. Web site: International Franchises Red Lobster Seafood Restaurants . 2024-10-08 . www.redlobster.com.
  32. Web site: bcoley . 2024-08-26 . Red Lobster Names Damola Adamolekun CEO . 2024-10-08 . FSR magazine . en-US.
  33. Web site: Zilber . Ariel . 2024-06-14 . Firm co-founded by Milwaukee Bucks co-owner wants to save Red Lobster . 2024-10-08 . en-US.
  34. Web site: John . 2024-09-17 . Red Lobster Chain Exits Bankruptcy; Damola Adamolekun Appointed CEO . 2024-10-08 . Frozen Foods Biz . en-US.
  35. News: 2024-08-26 . Red Lobster Lenders Tap Ex-P.F. Chang's Head Adamolekun as CEO . 2024-10-08 . Bloomberg.com . en.
  36. Web site: Christine Blank . August 26, 2024 . Red Lobster names new CEO, will close 23 more restaurants . October 8, 2024.
  37. Web site: II . Julian Hayes . New Red Lobster CEO Offers A Key Lesson To CEOs On Reviving A Company . 2024-10-08 . Forbes . en.
  38. Web site: Sapin . Rachel . 2024-08-26 . Red Lobster's new owner names former P.F. Chang's CEO to lead chain out of bankruptcy . 2024-10-08 . intrafish.com . en.
  39. Web site: Haddon . Heather . September 6, 2024 . The 35-Year-Old CEO Plotting Red Lobster's Comeback . October 8, 2024.
  40. Web site: Kit Wee . Lian . August 27, 2024 . Meet the 35-year-old CEO who wants to turn around bankrupt Red Lobster . October 8, 2024.
  41. Web site: MaGee . NY . September 4, 2024 . Red Lobster Appoints Former P.F. Chang's CEO Damola Adamolekun to Lead During Crucial Restructuring Phase . October 8, 2024.
  42. 'A lot of chaos': Red Lobster's new CEO explains what went wrong with endless shrimp CNN Business . 2024-10-03 . Feng . John General, Nathaniel Meyersohn, Alexandra King, Zach Wasser, FJ . en . 2024-10-08 . www.cnn.com.
  43. Web site: Awards . Globee . 2023-07-02 . 2021 Winners Leadership Awards . 2024-10-08 . Globee® Business Awards . en-US.
  44. Web site: SoftClouds - Globee® Awards Announces Winners in the 9th Annual 2021 CEO World Awards® . 2024-10-08 . softclouds . en.
  45. Web site: Awards . Globee . 2023-07-02 . 2021 Winners Leadership Awards . 2024-10-08 . Globee® Business Awards . en-US.
  46. Web site: Awards . Globee . 2023-07-02 . 2021 Winners Leadership Awards . 2024-10-08 . Globee® Business Awards . en-US.
  47. Web site: Fortress Appoints Damola Adamolekun as CEO of RL Investor Holdings LLC; to become CEO of Red Lobster upon court approval of the Red Lobster Chapter 11 plan Fortress . 2024-10-08 . www.fortress.com . en.
  48. Web site: 100 Most Powerful People in Business . 2024-11-14 . Fortune . en.

External links