Purple Lobster is poaching P.F. Chang’s former chief govt, Damola Adamolekun, 35, as its new CEO. Nonetheless, the C-suite shake-up will solely happen if Purple Lobster’s proposed sale to an affiliate of Fortress Capital is accomplished, per Nation’s Restaurant News.
The sale and subsequent appointment want courtroom approval as a result of Purple Lobster is in the course of reorganization efforts after the corporate filed for Chapter 11 bankruptcy protection in May.
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Adamolekun was P.F. Chang’s CEO from June 2020 by way of December 2023. Whereas there, through the top of the pandemic, Adamolekun targeted on implementing up to date expertise to assist with the brand new actuality of to-go orders.
In 2022, Adamolekun told Enterprise Insider that the restaurant had shifted its operations for “on-line optimization and placing our workers into new roles.”
He additionally had stints in finance working at Goldman Sachs’ funding banking division and as an affiliate at TPG Capital.
“Purple Lobster is an iconic model with an amazing future,” Adamolekun said in a statement. “I am wanting ahead to working with our crew members throughout North America to reinvigorate the model by making it the very best place to work for our workers and enhancing the expertise for our company.”
Adamolekun added that he is wanting ahead to engaged on the corporate’s funding plan.
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Fortress managing director Morgan McClure expressed pleasure in regards to the potential rent in a press release.
“We’re excited to convey Damola on board to drive our funding plan for Purple Lobster,” McClure stated in a press release. “Fortress has a powerful observe file of working and enhancing iconic American eating places, and Damola’s vitality, management and expertise can be key to restoring Purple Lobster’s standing as an iconic and admired American model.”