Red Lobster’s millennial CEO is charting a future for the beleaguered seafood chain in shallower waters: Damola Adamolekun, 37, said that shrinking the restaurant’s footprint and slimming down menus will be key to the company’s success.
This comes after years of challenges for the seafood chain, which filed for bankruptcy and was forced to close dozens of restaurants to improve its bottom line. But Adamolekun, who also helped usher in a recovery for Asian-fusion chain P.F. Chang’s, isn’t afraid of a challenge.
“In 2025, the most successful restaurants aren’t chasing trends for the sake of it,” according to hospitality industry consulting and tech firm Barmetrix. “They’re solving problems with systems—using automation, smarter menus, loyalty strategies, and new models that match the way guests actually want to eat.”
“Some people refuse to set ambitious goals because they’re terrified of failure,” he told Fortune’s Umoh. “I’m not afraid of that. I don’t mind setting really high goals, and I don’t mind going after difficult things. You do your best and try to win.”
While Adamolekun is confident he can turn the ship around, he acknowledges that he’s inherited a brand plagued by high costs and operational woes.
He told Today he’d never bring it back “because I know how to do math.” While the $20 endless shrimp deal made quite a splash with customers, the company reportedly suffered millions in operating losses.
To help make up for those losses, the chain must reduce costs by scrutinizing leases and streamlining operations, which could mean more locations close. Currently, the restaurant chain operates about 550 locations, down from 700 a few years ago. The company has also laid off some location managers and about 10% of its corporate staff, the WSJ reported.
Aside from layoffs and cost-cutting, Adamolekun also plans to give Red Lobster a facelift by improving the restaurant’s ambience, refreshing its menu, and remodeling its locations. He also said he wants to lower prices for customers facing an affordability crisis.
“We should be the best deal for the best lobster because we do have the best product,” Adamolekun told Today.
