Red Lobster CEO Plans Monumental Restaurant Industry Comeback

Red Lobster, under the leadership of CEO Damola Adamolekun, is on a path to recovery. The restaurant chain, which faced bankruptcy, is projected to achieve positive net income by fiscal year 2026 and an impressive 43% increase in adjusted EBITDA from fiscal years 2025 to 2027.

Adamolekun’s Vision for Red Lobster

Damola Adamolekun has a remarkable background in the restaurant industry. Previously, he served as CEO of P.F. Chang’s, where he successfully navigated the challenges presented by the COVID-19 pandemic, helping the chain return to profitability.

• Adamolekun was featured on Fortune’s inaugural 100 Most Powerful People in Business list.
• He generates revenues exceeding $1 billion for P.F. Chang’s post-pandemic.

Adamolekun believes that Red Lobster can achieve significant growth and claims, “This will be the greatest comeback in the history of the restaurant industry.” He acknowledges the risks involved in rehabilitating a bankrupt company but remains committed to his strategy.

Strategic Changes to Drive Efficiency

Adamolekun’s approach involves eliminating inefficiencies that contributed to the previous struggles of Red Lobster. One of his key decisions is to refrain from bringing back the controversial endless shrimp promotion, which led to substantial losses.

Instead, he is implementing a robust $60 million revitalization plan. This plan includes:

• Renovating restaurant locations with improved lighting, music, and decor.
• Repairing essential infrastructure such as HVAC systems and furniture.
• Expanding the C-suite with experienced industry professionals.

Enhancing Customer Experience

Adamolekun aims to make dining at Red Lobster more affordable while enhancing the overall customer experience. He states, “We should be the best deal for the best lobster.”

In alignment with this vision, Red Lobster is streamlining its menu to focus on high-performing items. The chain also plans to reintroduce popular promotions, including Lobsterfest, which will feature:

• $20 lobster rolls
• Unlimited Cheddar Bay Biscuits

Additionally, to drive customer engagement, the chain has launched a happy hour menu.

A Bold Future Ahead

Despite the challenges, Adamolekun remains optimistic about Red Lobster’s future. He embraces ambitious goals and is determined to return the brand to prominence in the restaurant industry. With a clear strategy in place, Red Lobster is poised for a monumental comeback.