Credit score: Damola Adamolekun/LinkedIn
At 35, Damola Adamolekun is the youngest CEO of the seafood chain, Pink Lobster. Born in Nigeria and raised in Zimbabwe and the Netherlands earlier than relocating to Springfield, Illinois, on the age of 9, Pink Lobster was one of many first chain eating places he visited upon arriving in the USA. It quickly grew to become a favorite eating spot for his household.
It was on the Pink Lobster in Springfield that Damola and his household—his dad and mom, a neurologist and a pharmacist, and two siblings—first skilled the enjoyment of cracking crab legs and tasting lobster.
In latest years, Pink Lobster confronted a storm of challenges, particularly following the introduction of the favored “Ultimate Endless Shrimp” promotional deal. Priced at simply $20, the provide allowed company to take pleasure in limitless shrimp, which proved to be wildly widespread however got here with hefty monetary repercussions. The corporate suffered losses of $11 million within the first quarter alone.
In an interview with CNN, Damola mirrored on the transfer, saying, “That’s a really costly product to provide away endlessly.” The deal, whereas driving site visitors, led to operational chaos, with greater than 100 restaurant closures and 1000’s of layoffs. By early 2024, the corporate had filed for chapter. “You stress out the kitchen. You stress out the servers. You stress out the host. Individuals can’t get a desk,” Damola defined, shedding mild on the pressure the deal positioned on the corporate’s operations.
Regardless of these challenges, Pink Lobster has not too long ago emerged from chapter underneath new possession, and Damola, who assumed his position as CEO in August, has formidable plans for the chain’s revival. He intends to make “incremental modifications” that won’t solely restore its former glory but in addition appeal to a youthful, extra numerous buyer base. A “model refresh” is underway, aiming to revamp restaurant layouts, décor, lighting, music, and even waiter uniforms. The aim is to boost the eating expertise with out alienating Pink Lobster’s loyal traditionalists.
When requested about his age and the way it elements into his management, Damola is unfazed. “I’ve been in positions of authority for a very long time. My 35 could be completely different from someone else’s 35, however these are simply numbers. It’s about your expertise, who you might be as an individual, the standard of your character, your integrity, your intelligence, your communication skills—it’s loads of issues which might be completely different from individual to individual. Age is only one of them,” he confidently acknowledged.
Damola’s journey to the highest wasn’t a sudden rise. After incomes his MBA from Harvard Enterprise College in 2017, he joined Paulson & Co., a distinguished funding agency based by billionaire John Paulson. It was there he noticed the potential to develop P.F. Chang’s small supply enterprise. In 2019, after Paulson & Co. acquired a controlling stake in P.F. Chang’s, Damola joined the restaurant’s board of administrators and later grew to become its CEO throughout the pandemic in 2020.
Watch his interview with CNN under:
