Red Lobster Appoints New CEO Amid Bankruptcy and Closures

Former P.F. Chang's leader Damola Adamolekun takes the helm as the seafood chain restructures and shutters additional locations.

Red Lobster has named Damola Adamolekun as its new CEO following Chapter 11 bankruptcy filing in May.
The company is closing 23 more locations, bringing the total closures to 129 since the bankruptcy.
Adamolekun, former CEO of P.F. Chang's, aims to reinvigorate the Red Lobster brand and improve customer experience.
Fortress Investment Group, which is acquiring Red Lobster, plans to operate it as an independent entity.
Red Lobster struggled with significant debt and financial losses, partly due to an ill-fated shrimp promotion.