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At 35, Damola Adamolekun is the youngest CEO of the seafood chain, Red Lobster. Born in Nigeria and raised in Zimbabwe and the Netherlands before relocating to Springfield, Illinois, at the age of nine, Red Lobster was one of the first chain restaurants he visited upon arriving in the United States. It soon became a favourite dining spot for his family.
It was at the Red Lobster in Springfield that Damola and his family—his parents, a neurologist and a pharmacist, and two siblings—first experienced the joy of cracking crab legs and tasting lobster.
In recent years, Red Lobster faced a storm of challenges, especially following the introduction of the popular “Ultimate Endless Shrimp” promotional deal. Priced at just $20, the offer allowed guests to indulge in unlimited shrimp, which proved to be wildly popular but came with hefty financial repercussions. The company suffered losses of $11 million in the first quarter alone.
In an interview with CNN, Damola reflected on the move, saying, “That’s a very expensive product to give away endlessly.” The deal, while driving traffic, led to operational chaos, with more than 100 restaurant closures and thousands of layoffs. By early 2024, the company had filed for bankruptcy. “You stress out the kitchen. You stress out the servers. You stress out the host. People can’t get a table,” Damola explained, shedding light on the strain the deal placed on the company’s operations.
Despite these challenges, Red Lobster has recently emerged from bankruptcy under new ownership, and Damola, who assumed his role as CEO in August, has ambitious plans for the chain’s revival. He intends to make “incremental changes” that will not only restore its former glory but also attract a younger, more diverse customer base. A “brand refresh” is underway, aiming to revamp restaurant layouts, décor, lighting, music, and even waiter uniforms. The goal is to enhance the dining experience without alienating Red Lobster’s loyal traditionalists.
When asked about his age and how it factors into his leadership, Damola is unfazed. “I’ve been in positions of authority for a long time. My 35 might be different from somebody else’s 35, but these are just numbers. It’s about your experience, who you are as a person, the quality of your character, your integrity, your intelligence, your communication abilities—it’s a lot of things that are different from person to person. Age is just one of them,” he confidently stated.
Damola’s journey to the top wasn’t a sudden rise. After earning his MBA from Harvard Business School in 2017, he joined Paulson & Co., a prominent investment firm founded by billionaire John Paulson. It was there he saw the potential to expand P.F. Chang’s small delivery business. In 2019, after Paulson & Co. acquired a controlling stake in P.F. Chang’s, Damola joined the restaurant’s board of directors and later became its CEO during the pandemic in 2020.
Watch his interview with CNN below:
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