Red Lobster Exits Bankruptcy After Appointing 35-Year-Old Damola Adamolekun

It’s a new era for Red Lobster.

The seafood franchise recently appointed 35-year-old Damola Adamolekun as CEO. Since Kim Lopdrup retired in 2021 after 14 years as CEO, Red Lobster has seen a handful of successors. However, with Adamolekun at the helm, the company is charting a new direction.

“Today is my first official day as CEO of Red Lobster. I’ve been a fan since my first Red Lobster meal as a 9-year-old growing up in Springfield, IL., so this is an especially proud moment," Adamolekn said on LinkedIn. “With 30,000 passionate team members, millions of fans across the US and Canada, deeply committed and experienced backers, and more than 55 years of iconic history, I know we have what we need to restore Red Lobster’s status as an admired American restaurant. Let’s do this.”

Formerly the CEO of P.F. Chang’s, Adamolekun’s Daily is ready to take the reigns of another restaurant chain, and fans are anxious to see who will lead Red Lobster into the future.

The new CEO will bring his experience to a company that filed for Chapter 11 bankruptcy back in May, leaving consumers wondering if the place known for cheddar bay biscuits is a thing of the past, according to The Root. After Adamolekun's appointment, the company has exited bankruptcy, and its parent company is investing $60 million in improvements.

Appointed as CEO on August 26, Adamolekun faces significant challenges. The popular restaurant took a huge financial hit from costly regular menu items, such as the daily Endless Shrimp promotion, which allowed customers to eat all the shrimp they could for just twenty dollars. This deal alone cost the company more than $11 million, ultimately contributing to its bankruptcy filing, according to Fortune.

To support the Red Lobster cause, Public Enemy rapper Flavor Flav ordered everything on the menu, from crab legs to cole slaw.

“Ya boy meant it when I said I was gonna do anything and everything to help @redlobster and save the cheddar bay biscuit … ordered the whole menu,” Flavor said on X.

But now, Adamolekun is journeying across the country, sampling menu items and speaking with customers to improve the company's quality.

“Red Lobster is an iconic brand with 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,” Adamolekun said in a statement.