Red Lobster CEO Damola Adamolekun Promises “Greatest Comeback” in Restaurant Industry History

Red Lobster’s turnaround story is widely thanks to 36-year-old CEO Damola Adamolekun.

Fresh off his successful run as CEO of P.F. Chang’s, where he navigated the brand through the pandemic and back into billion-dollar revenues, Adamolekun has stepped in to take on an even riskier challenge. Now leading Red Lobster, a brand that just previously filed for bankruptcy, he isn’t holding back his confidence.

“I think this is going to be the greatest comeback in the history of the restaurant industry,” he told Fortune’s Ruth Umoh on The CEO Playbook. “Of course it’s risky; I took over a company that’s bankrupt and had a lot of problems.”

Under his leadership, the chain now expects to turn a profit by fiscal 2026. Even more impressive, Red Lobster’s adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) is projected to grow by 43 percent from 2025 to 2027. That kind of financial optimism speaks volumes, especially after the company’s recent losses tied to unsustainable promotions and operational issues.

Adamolekun is banking on experience, discipline, and a clear strategy to bring Red Lobster back into the spotlight, and he’s not afraid to take big swings to get there.