Damola Adamolekun, 36, previously CEO of P.F. Chang's and a former Goldman Sachs investment banker, is leading a turnaround at Red Lobster after bankruptcy. The chain expects positive net income in fiscal 2026 and adjusted EBITDA growth of 43% from fiscal 2025 to 2027. Adamolekun returned P.F. Chang's to profitability during COVID and helped drive revenues toward $1 billion. The recovery plan focuses on eliminating inefficiencies, avoiding promotions that undercut margins such as the endless-shrimp deal, and applying disciplined risk assessment amid supply-chain challenges, labor shortages, and economic uncertainty.
"I think this is going to be the greatest comeback in the history of the restaurant industry,"
"Of course it's risky; I took over a company that's bankrupt and had a lot of problems."
"Investing is the business of risk assessment, and I think you should manage your career the same way,"
"Risk on its own isn't something to avoid. You just need adequate return."
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