Pink Lobster is betting on a brand new 35-year-old CEO to show round its ailing enterprise.
The beleaguered seafood chain final month introduced the rent of former P.F. Chang’s CEO Damola Adamolekun beneath its reorganization plan, along with its sale to a lender group led by asset supervisor Fortress Funding Group. After scoring approval from a U.S. chapter choose final week to maneuver ahead with its proposal, the Orlando, Florida-based firm now awaits an exit from Chapter 11 chapter safety.
Pink Lobster’s current troubles stemmed from poor enterprise selections, together with the growth of its notorious Infinite Shrimp promotion from an annual particular to a every day providing. The $20 all-you-can-eat menu staple meant to lure prospects again to eating tables was certainly fashionable with friends, however proved expensive. The scheme resulted in an $11 million loss, and its restructuring staff straight pointed to the deal as a direct contributor to its chapter submitting in Could.
The chain is now enlisting the management experience of Adamolekun, 35, the previous Wall Avenue whiz who led P.F. Chang’s for about three years by way of the turbulent COVID-19 pandemic, refreshing the menu and introducing takeout choices.
Adamolekun is not any stranger to industrial success. The Harvard Enterprise Faculty graduate’s resume consists of the likes of banking large Goldman Sachs, non-public fairness agency Paulson & Co., and asset administration agency TPG Capital.
Together with his sights now set beneath the ocean, Adamolekun intends to “reinvigorate the brand by making it the best place to work for our employees and improving the experience for our guests,” in accordance with a press launch saying his rent.
He additionally made certain to get a style of the murky enterprise waters earlier than accepting his new gig. In Could, Adamolekun began visiting Pink Lobster places throughout the U.S., discreetly sampling menu staples–particularly the crab legs–and talking with longtime prospects to be taught concerning the chain’s pitfalls, in accordance with the Wall Avenue Journal.
Pink Lobster lovers “just want quality food in a comfortable setting and to connect with the history of the brand,” Adamolekun informed the publication. “That’s the first step.”
The younger CEO is poised to hit the bottom operating with an anticipated $70 million funding from Fortress to enhance the eating places. He most certainly gained’t be taking many breaks both, beforehand telling Fortune he doesn’t consider in work-life steadiness.
“My life is my work. My work is my life,” he mentioned in a 2023 interview chronicling his every day routine because the chief government of P.F. Chang’s. In contrast to most employees, his days kicked off sharply at 4 a.m.
The every day routine of a CEO
Working a world restaurant chain by way of a turbulent financial interval is a 24/7 operation, and for Adamolekun, it genuinely is.
“Even on a Saturday, I’ll be by my pool, but I’ll still be checking emails and responding to things,” he mentioned. “To me, it’s fine and it doesn’t stress me out.”
It’s a behavior he picked up in his early profession as a Goldman Sachs analyst.
“I thought it was awesome,” he mentioned. “I wasn’t worried about going in on a Saturday, I thought it was cool.”
Adamolekun informed Fortune he’s by no means been one to separate work and life, saying “it mixes,” however acknowledging that it’s not for everybody.
“I’m not saying people shouldn’t separate work and life, but I never really have.” he mentioned.
As CEO of P.F. Chang’s, Adamolekun mentioned he inspired staff to construct in “buffers,” all through the week, like taking a time off on a Tuesday or Wednesday since weekends are normally the busiest time for the eating places.
The around-the-clock nature of the restaurant trade usually entails lengthy hours and late nights, but Adamolekun’s days begin sooner than most.
Throughout his tenure on the Asian-inspired restaurant chain, Adamolekun kicked off his mornings “very early” at 4 a.m. earlier than heading out on an eight-mile run.
“It’s a great thing to do to start your day,” he mentioned. “You’ll feel better the whole day, you’ll be smarter, you’ll be sharper, you’ll be more energetic. So I try not to miss that.”
After showering and making ready for the work day, Adamolekun checked his electronic mail for metrics gathered from the day past earlier than heading on his 20-minute commute to P.F. Chang’s headquarters in Scottsdale, Ariz.
After a immediate arrival time of seven a.m., Adamolekun was typically greeted within the workplace by fellow early birds in his C-suite, together with his chief monetary officer and chief operations officer. The leaders typically popped into one another’s workplaces to “level set” on efficiency and observations from the day prior.
Adamolekun’s first conferences of the day kicked off at 8 a.m., and his schedule included a mixture of conversations with different groups on the firm, direct experiences, buyers, and exterior companions. Between Zooms and in-person chats, Adamolekun prioritized responding to emails requiring his approval “so whoever is waiting for me can go do what they need to do.”
The nonstop nature of the brand new messages in his inbox was a full-time job: “A lot of my emails I’ll get to later in the day, frankly, because the days just get pretty busy.”
Even after leaving his workplace round 6 p.m., Adamolekun was nonetheless responding to emails, however the work day wasn’t at all times over. Because the boss of a restaurant model, the chief government typically attended enterprise dinners after hours.
“But if I don’t have something like that, then I typically try to relax and take it easy, especially during the week,” he mentioned.
An avid sports activities fan, leisure typically included watching a sports activities recreation on TV, studying books, or smoking a cigar on his patio.
“I used to have [Phoenix] Suns season tickets,” he mentioned. “I used to go to games all the time for that, but then I moved. I live far now, it’s too far–it’s like an hour–so I gave those out.”
Adamolekun mentioned his after-work actions weren’t “too exciting,” contemplating his extremely early wake-up time.
“Early to bed, early up is my routine.”
