*Red Lobster has announced the appointment of Nigerian executive Damola Adamolekun as the new Chief Executive Officer of RL Investor Holdings.
Black Business reports that Adamolekun,35, assumes leadership as the company faces significant challenges, having filed for Chapter 11 bankruptcy in May after incurring over $1 billion in debt. His guidance will be key in steering Red Lobster through its restructuring efforts.
Due to the chain’s recent financial difficulties, it was acquired by RL Investor Holdings LLC, a new entity established by the U.S. private equity firm Fortress Investment Group.
“This restructuring is the best path forward for Red Lobster,” former Red Lobster CEO Jonathan Tibus previously said, per PEOPLE. “It allows us to address several financial and operational challenges and emerge stronger and re-focused on our growth.”
“The support we’ve received from our lenders and vendors will help ensure that we can complete the sale process quickly and efficiently while remaining focused on our employees and guests,” he added.
“My life is my work. My work is my life,” incoming Red Lobster CEO Damola Adamolekun said in an interview with Fortune last year. https://t.co/bKBAce8pid pic.twitter.com/fPm0qabT6K
— FORTUNE (@FortuneMagazine) August 27, 2024
Tibus has served as CEO since March, guiding the company through its ongoing bankruptcy and restructuring efforts
“We’re thrilled to have Damola on board to drive our investment plan. His energy, leadership, and experience will be key to restoring Red Lobster’s status as an iconic American brand,” said Morgan McClure, Managing Director at Fortress, per Black Enterprise.
Before his role at Red Lobster, Adamolekun served as the CEO of the Asian restaurant chain P.F. Chang’s for four years, where he made history as the first Black executive to lead the company.
“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 in a statement.
“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.”
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