Crimson Lobster is poaching P.F. Chang’s former chief govt, Damola Adamolekun, 35, as its new CEO. Nevertheless, the C-suite shake-up will solely happen if Crimson Lobster’s proposed sale to an affiliate of Fortress Capital is accomplished, per Nation’s Restaurant Information.
The sale and subsequent appointment want court docket approval as a result of Crimson Lobster is in the course of reorganization efforts after the corporate filed for Chapter 11 chapter safety in Might.
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Adamolekun was P.F. Chang’s CEO from June 2020 via December 2023. Whereas there, through the top of the pandemic, Adamolekun targeted on implementing up to date expertise to assist with the brand new actuality of to-go orders.
In 2022, Adamolekun advised Enterprise Insider that the restaurant had shifted its operations for “on-line optimization and placing our employees into new roles.”
He additionally had stints in finance working at Goldman Sachs’ funding banking division and as an affiliate at TPG Capital.
“Crimson Lobster is an iconic model with an amazing future,” Adamolekun mentioned in a press release. “I am wanting ahead to working with our workforce members throughout North America to reinvigorate the model by making it one of the best place to work for our staff and bettering the expertise for our friends.”
Adamolekun added that he is wanting ahead to engaged on the corporate’s funding plan.
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Fortress managing director Morgan McClure expressed pleasure concerning the potential rent in a press release.
“We’re excited to carry Damola on board to drive our funding plan for Crimson Lobster,” McClure mentioned in a press release. “Fortress has a robust monitor document of working and bettering iconic American eating places, and Damola’s power, management and expertise might be key to restoring Crimson Lobster’s standing as an iconic and admired American model.”
