Damola Adamolekun is a name that has been making waves in the business and restaurant industry, especially since his appointment as the CEO of Red Lobster in September 2024. His journey from investment banking to leading major restaurant chains like P.F. Chang’s China Bistro Inc. and now Red Lobster is nothing short of inspiring. With his sharp business acumen and strategic leadership, he has cemented his place as a successful Nigerian-American business executive and restaurateur.
Early Life and Education
Born in February 1989, Damola Adamolekun has an international background that has shaped his dynamic perspective on business. His parents—his father, a neurologist, and his mother, a pharmacist—instilled in him a strong work ethic from an early age. Though he was born in Nigeria, his early years were spent in Zimbabwe and Amsterdam, Netherlands, before his family settled in Springfield, Illinois, USA, in the late 1990s.
Academically inclined and ambitious, Damola pursued his higher education at Brown University, where he earned a Bachelor of Arts degree in Economics and Political Science in 2011. Not stopping there, he further honed his financial expertise with a Master of Business Administration (MBA) from Harvard Business School in 2017.
Climbing the Corporate Ladder: From Wall Street to the Restaurant Industry
Damola’s career kicked off in the world of investment banking. He first gained experience as a Private Equity Group Summer Analyst at Goldman Sachs from 2009 to 2010 before joining as a full-time Investment Banking Analyst from 2011 to 2013. These early years on Wall Street provided him with the financial and strategic skills that would later shape his success in the hospitality industry.
From 2013 to 2015, he worked as a Private Equity Associate at TPG Capital, where he gained further insight into investments and acquisitions. Later, he became a Managing Partner at Paulson & Co., a hedge fund founded by billionaire investor John Paulson. This role played a crucial part in his career trajectory, as it set the stage for his entry into the restaurant business.
The P.F. Chang’s Era: First Black CEO and Transformational Leadership
Damola’s big break in the restaurant industry came when Paulson & Co. acquired P.F. Chang’s China Bistro Inc. in March 2019 for a reported $700 million. Recognizing his leadership potential, he was appointed Chief Strategy Officer and later took on the role of CEO in 2020, becoming the first Black chief executive officer of the company.
During his tenure at P.F. Chang’s, Damola spearheaded major strategic initiatives, including restaurant remodels and expanding delivery services. His leadership helped the brand modernize its operations and adapt to the changing consumer landscape. Under his guidance, P.F. Chang’s saw a resurgence in popularity, proving that he had the skills to turn around a legacy brand.
Net Worth and Wealth Accumulation
As of 2025, Damola Adamolekun’s net worth is estimated at $10 million, according to sources like Mashed and Plisio. His wealth stems from his successful career in investment banking, private equity, and restaurant executive leadership. Over the years, he has not only held high-profile roles at major firms but has also founded Cedar Lane Investments, further diversifying his portfolio.
Taking the Helm at Red Lobster: A New Challenge
In September 2024, Damola Adamolekun took on one of his biggest career challenges yet—leading Red Lobster, a brand facing financial struggles. The seafood restaurant chain filed for Chapter 11 bankruptcy protection in May 2024, with debts exceeding $1 billion.
Despite the challenges, Damola remains optimistic. In an interview with CNN Business in October 2024, he vowed to lead Red Lobster’s turnaround, implementing strategic changes to increase profitability and revamp its operations. According to Restaurant Dive, Red Lobster is projected to post a $52 million loss in 2025 but is expected to achieve a positive net income of $2.1 million by 2026—a sign that the restructuring efforts may be working.
Passion for Business: A Lifelong Journey
Damola’s passion for business started early. In a December 2024 interview with Black Past, he shared that he started working in high school and was always intrigued by business. He recounted how he invested everything he made and opened his first stock portfolio at the age of 16. This early entrepreneurial mindset played a key role in shaping the leader he is today.
The Future of Damola Adamolekun
At just 36 years old in 2025, Damola Adamolekun has already accomplished what many aspire to achieve in a lifetime. His expertise in finance, private equity, and restaurant management has positioned him as a key player in the industry. As he focuses on Red Lobster’s revival, many are watching to see if he can pull off yet another successful transformation.
His career journey serves as an inspiration, particularly to young entrepreneurs and business professionals, showing that with hard work, strategic thinking, and bold decision-making, anything is possible. Whether he’s rescuing struggling restaurant chains or making smart investment decisions, one thing is certain—Damola Adamolekun is a force to be reckoned with in the business world.
