Red Lobster Names CEO

The former CEO of P.F. Chang’s has been named CEO of the struggling Red Lobster (Orlando) restaurant chain by Fortress Investment Group, the eatery’s pending owner. Damola Adamoluken will become the CEO of a new entity known as RL Investor Holdings once a court approves Red Lobster’s Chapter 11 plan and acquisition by Fortress.

Adamolekun, who ran P.F. Chang’s for about four years, will replace Jonathan Tibus, who has been CEO since March and has led the company through its ongoing bankruptcy and restructuring.

In its coverage of the news, Restaurant Dive noted that in naming Adamolekun to the RL post, “Fortress has chosen an executive with experience leading a major restaurant chain through adversity.

“During his tenure at P.F. Chang’s, Adamolekun helped the chain navigate through COVID-19 dining room closures and opened smaller, off-premise-only P.F. Chang’s To Go locations.”

Fortress also said Red Lobster will shutter 23 more locations by the end of this month, leaving it with about 525 restaurants. That decision came after it performed a review of its locations with the help of a real estate advisor to identify restaurants that would continue to suffer losses.

In May, the chain closed about 100 underperforming locations and filed for Chapter 11 bankruptcy. In July, Fortress said it would acquire the chain for $376 million in an equity transfer.