Career
Adamolekun began his professional career as an Investment Banker at Goldman Sachs and later worked as a private equity associate at TPG Inc. He also held board positions at P.F. Chang's, Inday, NuLeaf, the National Restaurant Association, and International Tower Hill Mines. [12] [13]
P. F. Chang's
In 2017, after completing his MBA at Harvard Business School, Adamolekun joined Paulson & Co., an investment firm founded by hedge fund billionaire John Paulson. [14] [15] During his time at Paulson & Co., P. F. Chang’s was put up for sale, and Adamolekun pitched the investment idea to Paulson, which led to Paulson & Co. and TriArtisan Capital Advisors acquiring a controlling stake in P.F. Chang's in 2019. [16] After the acquisition, Adamolekun joined the Board and became the company's Chief Strategy Officer. [17]
In 2020, Adamolekun became P. F. Chang's first black CEO at the age of 31. [18] [19] [20] During his tenure, the company launched P. F. Chang's To Go, a concept that led to the growth of the brand’s delivery business. During the COVID-19 pandemic, Adamolekun returned P. F. Chang's to profitability with a 31.7% increase in sales by 2021 and annual revenues of $1 billion. [21] [22] [23] [24] [25] In 2023, Adamolekun stepped down as CEO of P. F. Chang’s after four years in the role but remained involved with the brand’s private equity owners. [26] [27]
Red Lobster
In 2024, the Orlando-based seafood chain Red Lobster slipped towards bankruptcy, closing 93 locations and filing for Chapter 11 bankruptcy protection on May 20, 2024, with over $1 billion in debt. [28] [29] [30] On June 14, 2024 it was reported that Fortress Investment Group, a Wall Street investment firm co-founded by Milwaukee Bucks co-owner Wesley Edens, was interested in acquiring the company. [31] [32]
On August 26, 2024, Fortress appointed Adamolekun CEO of Red Lobster Investor Holdings LLC, making him the youngest CEO in the company’s history. [33] [34] [35] Adamolekun stated that he wanted to lead Red Lobster’s turnaround because of its history as the "first really successful casual dining chain in America at scale", and that his approach to Red Lobster’s recovery would focus on incremental changes rather than a complete overhaul. [36]