Former PF CEO Chang to lead Red Lobster after filing for bankruptcy

The restaurant’s former owner, Thai Union Group, said it would exit the company, citing significant financial losses. The group initially acquired a minority stake in 2016 and took majority control in 2020, but has struggled to manage the brand’s declining sales and rising costs — including heavy losses from its $20 “Endless Shrimp” promotion, BI reported in May.

The company secured $100 million from creditors in May, who took control of the business.

Enter Adamolekun, who was appointed by Red Lobster’s creditors to take over the restaurant business. Most recently, the 35-year-old served as an operating partner at private equity firm Garnett Station Partners.

Adamolekun previously headed PF Chang’s from June 2020 to August 2023. He oversaw the company through the difficulties generated by the COVID-19 pandemic.

The restaurant shifted operations to focus on technology for “online optimization and to put our staff in new roles,” Adamolekun told BI in 2022.

Under his leadership, PF Chang has pivoted to transportation services and resumed expansion efforts, adding about 225 locations in 2023, the company told the WSJ.

In a 2022 interview with BI, Adamolekun emphasized the importance of adaptability, customer focus and transparent leadership.

“Since day one, I’ve made it a priority to get out on the ground and talk to our teams in person and in front of company town halls,” he said.

He also added that maintaining “long-term goals and strategic direction” is key to remaining resilient amid changing market conditions.

The new CEO now aims to revitalize the Red Lobster brand.

“Red Lobster is an iconic brand with a tremendous future,” Adamolekun said in a statement.

The Harvard Business School student said he plans to improve the customer experience and find new ways to interact with diners as he tries to restore stability and growth to the company.

Adamolekun is set to take over Red Lobster as CEO pending court approval next month of the company’s sale to a group of buyers led by Fortress Investment Group, the Wall Street Journal reported. The restaurant has approximately 550 locations in the US and Canada.