In May of this year, Red Lobster filed for bankruptcy, and in August, they appointed 35-year-old Damola Adamolekun as the new CEO. Despite his young age, Adamolekun is no stranger to leadership, having previously taken on the role of CEO at P.F. Chang’s at just 30 years old. One of his first decisions as CEO of Red Lobster was to discontinue the company’s costly ‘Endless Shrimp’ promotion, which allowed diners to eat shrimp for hours on end. This move, although unpopular with some customers, was aimed at helping stabilize the company’s financial situation.
Under Adamolekun’s leadership, Red Lobster has also made the difficult decision to close over 100 locations. These measures are seen as part of a larger strategy to set the company up for long-term success in the wake of its Chapter 11 bankruptcy filing. Despite the challenges, Adamolekun’s leadership is viewed as crucial for navigating the company through these tough times.
Adamolekun’s journey to this role has been remarkable. Born in Nigeria and raised in Zimbabwe, Amsterdam, and various parts of the U.S., he comes from a family of high achievers, with parents who hold advanced degrees in neurology and pharmacy. Adamolekun attended Brown University, where he served as president of the Investment Club, having opened his first stock portfolio at the age of 16. After working on Wall Street, he quickly ascended to leadership in the restaurant industry, becoming CEO of two of America’s largest and most recognizable restaurant chains by the age of 35.
While the end of the ‘Endless Shrimp’ promotion may be disappointing for some, it is a necessary step in Red Lobster’s efforts to regain financial stability. Adamolekun’s vision for the company’s future, paired with his impressive background, positions him as a leader capable of steering Red Lobster toward long-term success.