Red Lobster's wunderkind CEO might have the secret sauce for turnarounds. Private equity should be taking notes.
Business Insider
February 26, 2026
AI-Generated Deep Dive Summary
Damola Adamolekun, a 37-year-old Ivy League-educated former private-equity executive, has emerged as the unlikely hero of Red Lobster's turnaround. Known for his patient and innovative approach to revival, Adamolekun has transformed the struggling seafood chain since it emerged from Chapter 11 bankruptcy in 2024. Unlike traditional "slash-and-burn" private equity strategies, Adamolekun has focused on sustainable improvements, such as updating the menu and introducing value-focused meal options that resonate with customers without sacrificing profitability.
Adamolekun's journey to Red Lobster began at P.F. Chang's, where he played a key role in turning around the struggling chain before stepping down as CEO in 2024. His background in private equity gave him unique insights into how Wall Street tactics—like sale-leaseback deals on restaurant land—contributed to Red Lobster's initial decline. By contrast, Adamolekun has prioritized customer experience and long-term growth over short-term gains, earning him a cult following among fans of the brand and acclaim from finance professionals.
The CEO's approach has not only revitalized Red Lobster but also offered valuable lessons for other private equity firms and leaders. With trillions of dollars in PE capital waiting to deploy and the growing impact of AI on legacy businesses, turnarounds are likely to remain a key focus for investors. Adamolekun's playbook, which emphasizes patience, innovation, and customer-centricity, could serve as a blueprint for future successes in the industry.
For readers interested in business strategy, Adamolekun's story highlights the importance of balancing financial acumen with empathy and creativity. His ability to connect with employees and customers has reinvigorated Red Lobster, proving that leadership in turnarounds requires more than just cutting costs—it demands a thoughtful approach to rebuilding trust and value. As Red Lobster continues its revival, Adamolekun's example offers hope for other struggling brands and underscores the potential of forward-thinking leadership in the private equity space.
Verticals
businessfinance
Originally published on Business Insider on 2/26/2026