Red Lobster says ex-CEO of PF Chang’s will be its new leader

Damola Adamolekun will become Red Lobster CEO after after a Florida bankruptcy judge approves the restaurant’s proposed plan for exiting Chapter 11 under new ownership, Fortress said in a statement. The bankruptcy court is scheduled to consider approving the plan on Sept. 5, according to court documents.

Adamolekun led P.F. Chang’s for about three years before stepping down in August 2023 to return to Paulson & Co. Inc., according to an announcement at the time. Adamolekun said in a statement Monday that he intends to “reinvigorate the brand by making it the best place to work for our employees and improving the experience for our guests.”

Red Lobster, which filed Chapter 11 in May, has been working for months with creditors on a restructuring plan. The chain will be owned by a newly created, lender backed company created by Fortress and co-investors TCW Private Credit and Blue Torch. Red Lobster has more than 540 locations across 44 states, Fortress said.

Fortress is a major creditor of Red Lobster and, along with other lenders, has funded the restaurant chain’s Chapter 11 case with $100 million of new debt.