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Pink Lobster is poaching P.F. Chang’s former chief govt, Damola Adamolekun, 35, as its new CEO. Nonetheless, the C-suite shake-up will solely happen if Pink Lobster’s proposed sale to an affiliate of Fortress Capital is accomplished, per Nation’s Restaurant News.
The sale and subsequent appointment want court docket approval as a result of Pink Lobster is in the midst of reorganization efforts after the corporate filed for Chapter 11 bankruptcy protection in May.
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Adamolekun was P.F. Chang’s CEO from June 2020 by way of December 2023. Whereas there, in the course of the top of the pandemic, Adamolekun centered on implementing up to date know-how to assist with the brand new actuality of to-go orders.
In 2022, Adamolekun told Enterprise Insider that the restaurant had shifted its operations for “on-line optimization and placing our workers into new roles.”
He additionally had stints in finance working at Goldman Sachs’ funding banking division and as an affiliate at TPG Capital.
“Pink Lobster is an iconic model with an amazing future,” Adamolekun said in a statement. “I am trying ahead to working with our staff members throughout North America to reinvigorate the model by making it the most effective place to work for our workers and bettering the expertise for our visitors.”
Adamolekun added that he is trying ahead to engaged on the corporate’s funding plan.
Associated: Red Lobster CEO Resigns After Only 8 Months
Fortress managing director Morgan McClure expressed pleasure concerning the potential rent in a press release.
“We’re excited to deliver Damola on board to drive our funding plan for Pink Lobster,” McClure mentioned in a press release. “Fortress has a powerful observe file of working and bettering iconic American eating places, and Damola’s power, management and expertise will probably be key to restoring Pink Lobster’s standing as an iconic and admired American model.”
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