Pending court approval, a former P.F. Chang’s executive will lead Red Lobster.
Fortress Investment Group today announces the appointment of Damola Adamolekun as CEO of RL Investor Holdings LLC., a new entity that is seeking bankruptcy court approval to acquire from Red Lobster Management LLC and its direct and indirect operating subsidiaries.
RL Investor Holdings LLC has been created by funds managed by affiliates of Fortress Investment Group LLC, alongside co-investors TCW Private Credit and Blue Torch.
Upon court approval of the Red Lobster Chapter 11 plan, Adamolekun will become CEO of the reorganized company. Adamolekun is the former Chief Executive Officer of the global restaurant chain P.F. Chang’s.
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Red Lobster will continue to operate as an independent company, with 544 locations across 44 U.S. states and four Canadian Provinces.
“Red Lobster is an iconic brand with a tremendous future. 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,” said Adamolekun. “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 USA and Canada.”
Adamolekun also previously 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, where he played a vital role in the sourcing and subsequent management of several of the firm’s largest investments.
Adamolekun has been featured in numerous publications including Forbes, Fortune, Business Insider, Fox Business, Bloomberg News, Yahoo Finance, CNBC, Nation’s Restaurant News, Time Out New York, New York Business Journal, and the Harvard Business Review.
Previously, Adamolekun has worked in the Investment Banking Division of Goldman Sachs and as a Private Equity Associate at TPG Capital.
In 2021, Adamolekun was recognized with three GLOBEE Leadership Gold awards for CEO of the Year: Food and Beverage, CEO of the Year: Hospitality, Travel, Recreation, Leisure, and Top CEO of the Year: The Rising Star, as well as a GLOBEE Leadership Silver award for CEO Achievers: Transformational Leader of the Year, while in 2022 he was named in Nation’s Restaurant News’ Power List among the most innovative and inspiring leaders in the restaurant industry.
