Red Lobster’s 36-year-old CEO, who steered the chain post-bankruptcy, aims for the ‘greatest restaurant industry comeback’

Red Lobster filed for bankruptcy in 2024, but emerged from it in roughly three months. The 57-year-old seafood chain, which had been struggling, faced a period of difficulty stemming from various missteps.

However, under the guidance of 36-year-old Damola Adamolekun, who was appointed CEO, Red Lobster has successfully reversed its course. As the company’s bankruptcy recovery progresses, the chain is projected to achieve profitability in fiscal 2026, with its adjusted EBITDA forecast to increase by 43% between fiscal 2025 and 2027.

“I believe this will be the most significant turnaround in the restaurant industry’s history,” Adamolekun stated to Ruth Umoh for her publication, The CEO Playbook. “Naturally, it’s a risky endeavor; I assumed leadership of a bankrupt company with numerous issues.”

Adamolekun, who was recognized on a prestigious inaugural list, is no stranger to risk-taking. He guided the Asian-fusion chain P.F. Chang’s through the COVID-19 pandemic, restored its profitability, and implemented substantial operational and strategic reforms. The National Restaurant Association reported that during his tenure, P.F. Chang’s began generating approximately $1 billion in revenue.

The Association described this as “an incredible achievement, considering the hurdles the restaurant and hospitality sector has faced: the most severe pandemic in a century, supply-chain issues, a limited labor market, and an economy that remains volatile.”

For Adamolekun, a former Goldman Sachs investment banker, the potential payoff justified the risk—a philosophy he is applying at Red Lobster.

“Investing is fundamentally about evaluating risk, and I believe you should approach your career similarly,” he explained to Umoh. “Risk itself is not to be evaded. You simply require a sufficient return on that risk.”

What Damola Adamolekun has planned for Red Lobster

Mirroring his strategy at P.F. Chang’s, Adamolekun is intensely focused on eliminating inefficiencies at Red Lobster. A key issue he identified was the previous endless shrimp promotion, which was a contributing factor to the company’s bankruptcy.

“It’s because I know how to do math,” Adamolekun remarked candidly in a November interview with Today. Although the $20 endless shrimp deal was popular with patrons, it resulted in millions of dollars in operating losses for the company.

Adamolekun is also leading a restructuring of the company’s leadership, bringing in seasoned veterans from the restaurant industry to help stabilize the seafood chain. He told Today that his objective is to “inject more energy” into the restaurants with updated lighting, music, and décor.

This initiative is part of a broader effort to upgrade and refurbish existing locations, addressing problems like malfunctioning HVAC systems and damaged carpets and chairs to prevent further closures. A number of restaurants were shuttered during the bankruptcy proceedings. The chain currently runs approximately 500 locations.

Adamolekun has also expressed his intention to “lower the check” for guests, making dining at Red Lobster more budget-friendly.

“We should offer the best value for the best lobster, since we truly have the best product,” Adamolekun said to Today.

Furthermore, Red Lobster is streamlining its menu by removing underperforming items to boost operational efficiency. The chain executed its Lobsterfest promotion in 2025, featuring offers such as $20 lobster rolls and unlimited Cheddar Bay Biscuits. The company also launched a happy hour menu and reintroduced other popular dishes, as reported by SeafoodSource.

Despite the extensive changes being implemented quickly, Adamolekun is fully committed to his comeback strategy.

“Some people avoid setting ambitious targets because they fear failing,” he told Umoh. “That doesn’t scare me. I have no problem establishing very high goals and pursuing challenging objectives. You give it your best effort and aim to succeed.”

This story originally appeared on October 1, 2025.