Red Lobster CEO Damola Adamolekun on cultural significance of the chain and revamping strategies after facing bankruptcy
Photo Courtesy of Red Lobster and AP Photo/Jeff Chiu
Founded in 1968, Red Lobster once had more than 600 locations across the U.S., Canada, and overseas franchises. But last year, the $2 billion revenue company went into bankruptcy, reorganized, and came out with new ownership and new leadership.
The company has sought to revamp operations, make changes to its menu, and close a few locations. According to USA Today, five Illinois Red Lobsters have closed — including in Bourbonnais, Danville, and Peoria.
All these changes are being led by the company’s 36-year-old CEO: Damola Adamolekun. Born in Nigeria, Adamolekun immigrated to the U.S. when he was nine years old. His father was a neurosurgeon — and moved his family to Springfield, Illinois, in the late 1990's. And that is where Damola says he had his first experience of Red Lobster. He joins the program today.
Damola Adamolekun
CEO, Red Lobster