How Red Lobster’s CEO Damola Adamolekun turned risk into reward—and sparked a brand renaissance

The 36-year-old CEO says he’s not afraid of failure—just of missing the chance to make history in the restaurant world.

High risk often leads to high reward. Just ask Damola Adamolekun.

The 36-year-old CEO behind Red Lobster’s comeback shared during a recent episode of Fortune’s new vodcast, “The CEO Playbook,” hosted by Ruth Umoh, how not fearing risk—and more importantly, failure—has been the driving force behind his career in the chain restaurant industry.

“Risk on its own isn’t something to avoid,” he said. “There just needs to be an adequate return.”

“You don’t want to take risks for no reason,” he continued. “But if there’s a big opportunity that could change your life, but it’s risky, depending on what the return is, I’m willing to take those risks.”

He added, “Investing is the business of risk assessment, and I think you should manage your career the same way. I think people should weigh risk and return in any major career decision that they make.”

When Umoh asked how this philosophy applied to him stepping up to the plate at Red Lobster, he said the risk was so glaringly in the reward.

“I think this can be the greatest comeback in the history of the restaurant industry, and to lead that would be a once-in-a-lifetime opportunity,” he explained.

“Now, of course, it’s risky,” he continued. “I took over the company that was bankrupt and had a lot of problems, so there’s a chance it doesn’t go well, and I understand that, but there’s also the likelihood that we could turn it around.”

In that likelihood, he said, lies “the risk and reward.”

He noted that the willingness to take risk—and one’s threshold for risk-to-reward ratio—differs from person to person. “Some people refuse to set ambitious goals because they’re terrified of failure. I’m not afraid of that. I don’t mind setting really high goals, and I don’t mind going after difficult things.”

Adamolekun joined Red Lobster in August 2024, just months after the seafood chain filed for Chapter 11 bankruptcy in May of that year. Since then, he’s led what many are calling one of the most surprising restaurant turnarounds in recent memory. A former P.F. Chang’s executive, he’s revitalized the brand by balancing nostalgia with reinvention—bringing back fan-favorite menu items, adding long-requested seafood boils, and responding directly to customer feedback, sometimes making changes within days.

He’s also reimagined the chain’s experience from top to bottom: modernizing décor and music, creating a more energetic atmosphere, and reestablishing Red Lobster as a cultural hub. Under his leadership, the brand has hosted buzzy influencer dinners, community events, and even Ciara’s album-release celebration.

During the vodcast episode, Umoh asked what his next ambitious plan might be. 

The CEO laughed before replying, “To save Red Lobster—that is enough.”