Good morning. Red Lobster closed about 100 restaurants in May, filed for bankruptcy, and plans to close another 23 restaurants. But now a former P.F. Chang CEO is poised to bring changes to the well-known seafood restaurant chain, and a new CFO is likely to be named too. The new blood will be welcomed as Red Lobster struggles to recover from a shrimp promotion that led to a fiasco.
Fortress Investment Group announced on Monday that Damola Adamolekun will become the chief executive of RL Investor Holdings LLC, a new corporate entity set to acquire Red Lobster following a court approval of the restaurant’s Chapter 11 plan, which is expected next month. Red Lobster would continue to operate as an independent company. Adamolekun led P.F. Chang’s for about three years before he stepped down in August 2023 to return to Paulson & Co. Inc. The 35-year-old is a Wall Street favorite.
