Red Lobster is betting on a new 35-year-old CEO to turn around its struggling business.
Seafood chain in trouble last month announced hiring former PF Chang CEO Damola Adamolekun as part of a reorganization plan, in addition to selling to a lending group led by asset manager Fortress Investment Group. After scoring approval from a U.S. bankruptcy judge last week to proceed with its proposal, the Orlando, Florida-based company is now waiting to emerge from Chapter 11 bankruptcy protection.
Red Lobster’s recent troubles stem from poor business decisions, including extension of its infamous Endless Shrimp promotion from an annual special to a daily promotion. The $20 all-you-can-eat main menu, intended to lure customers back to the table, was popular with customers but proved costly. The program resulted in an $11 million loss and its restructuring team directly sharp to deal as a direct contributor to it file for bankruptcy in May.
The chain is now hiring leadership expert Adamolekun, 35, a former Wall Street whiz who lead to PF Chang’s over the past three years or so during the tumultuous COVID-19 pandemic, has revamped its menu and introduced takeout services.
Adamolekun is no stranger to commercial success. A graduate of Harvard Business School summary including names like banking giant Goldman Sachsprivate equity firm Paulson & Co., and asset management firm TPG Capital.
With views now looking out to sea, Adamolekun plans to “refresh the brand by making it the best place to work for our employees and improve the experience for our customers,” according to a press release Recruitment announcement.
He also made sure to get a taste of the murky waters of business before accepting his new job. In May, Adamolekun start visiting Red Lobster locations across the US, discreetly sampled menu staples — especially crab legs — and spoke with longtime customers to learn about the chain’s pitfalls, according to The Wall Street Journal.
Red Lobster enthusiasts “just want quality food in a comfortable space and a connection to the history of the brand,” Adamolekun told the publication. “That’s the first step.”
This young CEO is ready to get to work with expectations. Invest 70 million dollars from Fortress to improve the restaurants. He will most likely not rest much either, having previously said Luck He doesn’t believe in work-life balance.
“My life is my work. My work is my life,” he said in a 2023 speech. interview chronicles his daily routine as CEO of PF Chang. Unlike most workers, his workday begins at 4 a.m.
Daily routine of a CEO
Running a global restaurant chain during economic turmoil is a 24/7 operation, and for Adamolekun, that’s exactly what it is.
“Even on Saturdays, I’m still by the pool, but I still check my emails and respond to things,” he said. speak. “For me, that’s fine and doesn’t stress me out.”
This is a habit he formed when he first started his career as an analyst at Goldman Sachs.
“I think it’s great,” he said. “I’m not worried about going on Saturday, I think it’s great.”
Adamolekun speak Luck He has never separated work and life, saying “they blend together,” but admits that it’s not for everyone.
“I’m not saying people shouldn’t separate work and life, but I’ve never really done it,” he said.
As CEO of PF Chang’s, Adamolekun said he encourages employees to create “buffer time” throughout the week, such as taking a day off on Tuesday or Wednesday, since weekends are typically the restaurant’s busiest time.
The 24-hour nature of the restaurant industry often entails long hours and late nights, but Adamolekun’s workday starts earlier than most.
While working at the Asian-inspired restaurant chain, Adamolekun started his mornings “very early” at 4 a.m. before heading out for an eight-mile run.
“It’s a great way to start your day,” he said. “You feel better all day, you feel smarter, you feel sharper, you feel more energetic. So I try not to miss that.”
After showering and getting ready for the workday, Adamolekun checks his email to review the data collected from the previous day before making the 20-minute commute to PF Chang’s headquarters in Scottsdale, Arizona.
After arriving promptly at 7 a.m., Adamolekun is often greeted at the office by other early risers in his C-suite, including the CFO and CEO. The executives often drop into each other’s offices to “balance” performance and observations from the previous day.
Adamolekun’s first meetings of the day start at 8 a.m., and his schedule includes multiple conversations with other teams across the company, direct reports, investors, and external partners. Between Zooms and in-person chats, Adamolekun prioritizes responding to emails that need his approval “so that whoever’s waiting for me can get to work on what they need to do.”
The constant flow of new messages in my inbox is a full-time job: “Honestly, I’ll be responding to a lot of emails by the end of the day, because these days are pretty busy.”
Even after leaving the office around 6 p.m., Adamolekun still answers emails, but the workday doesn’t always end there. As the owner of a restaurant franchise, the CEO often attends business dinners after work.
“But if there’s nothing like that, I usually try to relax and rest, especially on weekdays,” he said.
An avid sports fan, he often relaxes by watching a sports game on TV, reading a book or smoking a cigar on his porch.
“I used to have [Phoenix] “Suns season tickets,” he said. “I used to go to games for that, but then I moved away. Now I live far, too far away — about an hour — so I gave them away.”
Adamolekun said his after-work activities are not “too exciting”, considering his extremely early wake-up time.
“Going to bed early and getting up early is my habit.”
