Fortress Investment Group announced the appointment of Damola Adamolekun as CEO of RL Investor Holdings LLC.
RL Investor Holdings LLC is a new entity that is seeking bankruptcy court approval to acquire from Red Lobster Management LLC and its direct and indirect operating subsidiaries, the Red Lobster® restaurant chain. RL Investor Holdings LLC has been created by funds managed by affiliates of Fortress Investment Group LLC (“Fortress”), alongside co-investors TCW Private Credit and Blue Torch.
Upon court approval of the Red Lobster Chapter 11 plan, Damola Adamolekun will become CEO of the reorganized Company.
Red Lobster will continue to operate as an independent company, with 544 locations across 44 U.S. states and four Canadian Provinces.
“Red Lobster is an iconic brand with a tremendous future. I’m looking forward to working with our team members across North America to reinvigorate the brand by making it the best place to work for our employees and improving the experience for our guests,” said Mr. Adamolekun. “I want to thank all of my future colleagues at Red Lobster who have demonstrated extraordinary resilience and dedication to the franchise during the bankruptcy process. Red Lobster’s future is brighter now than ever before – I cannot wait to get started on our investment plan, and to get out and meet diners across the USA and Canada.”
“We’re excited to bring Damola on board to drive our investment plan for Red Lobster,” added Morgan McClure, Managing Director at Fortress. “Fortress has a strong track record of operating and improving iconic American restaurants, and Damola’s energy, leadership and experience will be key to restoring Red Lobster’s status as an iconic and admired American brand.”
Damola Adamolekun is the former Chief Executive Officer of the global restaurant chain P.F. Chang’s, where he led the company in strategic initiatives ensuring the continued growth and success of one of the most important hospitality brands in the world.
Adamolekun also previously served as Chief Strategy Officer at P.F. Chang’s and as a Partner at Paulson & Co., a New York based investment firm and the principal owner of P.F. Chang’s, where he played a vital role in the sourcing and subsequent management of several of the firm’s largest investments.
Adamolekun has been featured in numerous publications including Forbes, Fortune, Business Insider, Fox Business, Bloomberg News, Yahoo Finance, CNBC, Nation’s Restaurant News, Time Out New York, New York Business Journal, and the Harvard Business Review.
Previously, Adamolekun has worked in the Investment Banking Division of Goldman Sachs and as a Private Equity Associate at TPG Capital. Mr. Adamolekun has served on the board of P.F. Chang’s, Inday, the National Restaurant Association, and International Tower Hill Mines.
In 2021, Adamolekun was recognized with three GLOBEE Leadership Gold awards for CEO of the Year: Food and Beverage, CEO of the Year: Hospitality, Travel, Recreation, Leisure, and Top CEO of the Year: The Rising Star, as well as a GLOBEE Leadership Silver award for CEO Achievers: Transformational Leader of the Year, while in 2022 he was named in Nation’s Restaurant News’ Power List among the most innovative and inspiring leaders in the restaurant industry.
Adamolekun received a Bachelor of Arts in Economics and Political Science from Brown University, where he served as President of the Brown Investment Group and was a member of the Ivy League champion Brown Football team, and a Master of Business Administration from Harvard Business School, where he served as Portfolio Manager for the HBS Investment Club.