Red Lobster’s CEO is plotting the 'greatest comeback in the history of the restaurant industry'
Fortune••business
Key Points:
- Under CEO Damola Adamolekun, Red Lobster has reversed its fortunes after bankruptcy and expects positive net income by fiscal 2026, with adjusted EBITDA projected to grow 43% between 2025 and 2027.
- Adamolekun, previously CEO of P.F. Chang’s, brings experience in navigating industry challenges such as the COVID pandemic, supply-chain issues, and labor shortages, having driven P.F. Chang’s to nearly $1 billion in revenue.
- He has eliminated unprofitable promotions like the endless-shrimp deal, which contributed to Red Lobster’s financial troubles, and is investing $60 million to renovate locations and improve customer experience.
- Red Lobster is also streamlining its menu to
