I pitched to my boss, John Paulson, that we buy this company, and then we went through the numbers, the structure of the deal, and the business potential, Adamolekun explained to Fortune. Chang's Is Sold to TriArtisan Capital and Paulson", "Treasury, SBA data show small-business loans went to private-equity backed chains, members of Congress", "PF Chang's is opening to-go locations in New York, meeting shifting consumer behavior", "P.F. Starting at 8 a.m., the meetings begin and tend to come fast and furious for the remainder of the day. Edit Overview Section. Chang's CEO Damola Adamolekun about setting high goals and finding purpose in P.F. Damola has played the lead role in the subsequent sourcing management of many firms largest investments. Damola Adamolekun Wiki, Age, Biography, Net Worth, Wife, Nationality, Education & More, Scottsdale, Arizona, United States of America. What customer behavior has continued since the pandemic? Black talents are representing big across the globe and we've got one more proof! Leslie Kostamaa is Focusing on turning the business around, Adamolekun and his team made changes such as adding color to the dining rooms of their restaurants, making changes to their menus, which included taking off items such as Asian mac & cheese, and putting more effort into their off-premise concepts. The brand represents a group of frozen appetizers and meals that were sold under license by Unilever. Damola has 2 jobs listed on their profile. Its Our Publisher Duchess Bolaji Odunugas Birthday and We Cant Southern Africas Shisa Nyama: A Feast for the Senses. Damola Adamolekun, CEO of P.F. Chang's Security Flaw revealed, following Panera Bread's leak", Fast food and fast casual restaurant chains in the United States, https://en.wikipedia.org/w/index.php?title=P._F._Chang%27s&oldid=1139755020, Privately held companies based in Arizona, Short description is different from Wikidata, Articles with unsourced statements from June 2022, Creative Commons Attribution-ShareAlike License 3.0, TriArtisan Capital Advisors, Paulson & Co, This page was last edited on 16 February 2023, at 19:04. Get real time updates directly on you device, subscribe now. Learn how your comment data is processed. Hes been leading the company since 2020. What did you know about running restaurants? Women of Power Summit Happy Easter: Celebrating Hope, Renewal, and New Beginnings. Changs had a revenue burst of 32 percent in 2021. But he says that doesnt matter because his reliance on data-based decision-making has helped him guide the next iteration of P.F. It has been edited for length and clarity. I didnt plan to operate the business when I did the deal. Sure, you could order takeout from your local Chinese restaurant, but if you want something a little nicer and a night out of the house P.F. Chang's, where he leads the company in strategic initiatives ensuring the continued growth and success of one of the largest upscale-dining Asian restaurant brands around the world. Sales Partnership Solutions Damola Adamolekun is CEO of P.F. [17], On March 15, 2004, Chang's reported that it had modified its partnership accounting, which resulted in a restatement of its financial results for prior years. He introduced radical changes to the restaurants operations, with a view to improving customer experience. Changs, one of the largest and most famous restaurant chains across the globe. There was never any real emphasis placed on it by the previous owners. First, I review our daily flash reports, which detail restaurant operating performance from the previous day and period to date. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Chief Executive Officer Damola Adamolekun said in a Bloomberg Radio interview in June that pursuing an IPO is a 'viable alternative' for capital. He uses a Word. Get 5 free searches. Damola has played the lead role in the subsequent sourcing management of many firms largest investments. Chang's beginning July 1st, 2020, Damola Adamolekun was well aware of the extraordinary challenges facing the firm. It was a pretty transformative thesis, between remodeling the entire fleet and building a digital infrastructure and delivery.. Your prior hands-on restaurant experience was limited. Chang's completes sale to TriArtisan Capital", "P.F. Its our most popular dish for a reason and is really what put us on the map. ET, Washington Post . Powered and implemented by Interactive Data Managed Solutions. [20] On March 17, 2005, the company adjusted its accounting for leases in order to conform with U.S. generally accepted accounting principles. Digital tools like apps and delivery services have helped the company in this space. In the same school, Damola had served as Co-portfolio manager for the HBS investment club. Adamolekun earned his bachelors degree in Economics from Brown University and his Master of Business Administration from Harvard Business School. Dont Commandeer Obalende Praying Ground MURIC Tells Army, Lagos Govt, INEC boss promises 2023 electoral offenders tough times, The Closing Bell- Dollar and Bank Stocks Climb as Oil and Volatility Recede, Weekly Risk Gauge- Dollar Whales Rear Their Heads As Risk On Flows Spike, Montana becomes first state to pass TikTok ban, Budweiser goes woke, loses over $4 billion so far. Adamolekun saw that the dine-in experience was suffering at P.F. Press Esc to cancel. Ans) Damola is the CEO of one of the most well-known restaurant chains in the hospitality industry, and it is anticipated to be in the neighborhood of $130,000 or more a year, and he will have a net worth of around $10 million. The 33-year-old took over the Arizona-based concept in July of 2020. ]); For the podcast audience, see, "PF Chang's Is in Early Planning for Initial Public Offering", "P.F. Changs To Go[18] take-out only location will be in Chicago, Illinois. pos: 'right_rail_1', Chang's, where he leads the company in strategic initiatives ensuring the continued growth and success of one of the largest upscale-dining Asian restaurant brands around the world. They have also lived in New York, NY and Allston, MA. Chang's previous CEO (and currentNon-Executive Chairman) Richard Federico who has been with the company since 1996 is worth about $4.64 million, according to Wall Mine. For example, when we decided to expand our self-delivery program, we took a few weeks to thoroughly evaluate the program. Even though the brand is still strong, he believed that it is necessary to embrace change to adapt to the uncertain future. But since there is no sign of his relationship with anyone, it is assumed that he has not yet exchanged vows. Management "What was missing was the experience around the meal, he said in, 2023 THE QUINTESSENTIAL GENTLEMAN | CRAFTED BY. Leslie Kostamaa is url: '33,year,old,is,making,history,as,the,first,black,ceo,of,p,f,changs', Damola has played the lead role in the subsequent sourcing management of many firms largest investments. Changs for $700 million from private-equity firm Centerbridge Partners, Restaurant Business Online reports. Meet Damola Adamolekun, 33-year-old Nigerian leading US restaurant chain. [12] In 1993, P.F. Adamolekun, who became the first black CEO of the restaurant in 2020, led the restaurant through a difficult period during the heat of the COVID-19 pandemic. I spent a year as chief strategy officer, which is a made-up title because if Im going to be here all the time, I need a title so people understand my purpose besides just being an owner and a director.. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices His takeover began after he helped lead the charge on a $700 million dollar deal with Paulson & Co. and TriArtisan Capital Advisors LLC, which acquired P.F. Chang's Rewards program which enabled leakage of members' information, due to a poorly implemented API.[24]. Adamolekun, who became the first black CEO of the restaurant in 2020, led the restaurant through a difficult period during the heat of the COVID-19 pandemic. Chang's CMO Tana Davila discusses the chain's Honolulu flagship", "I'm the CEO of restaurant chain PF Chang's. Your email address will not be published. [22] Special items on their menu include their Chang's Lettuce Wraps, Chang's Spicy Chicken, Peking duck, and various types of sushi. I make notes of any interesting observations, questions, or oddities from my review to discuss with our COO Art Kilmer later in the morning. Access your favorite topics in a personalized feed while you're on the go. That growthstems partly from the eaterys embrace of digital tools like apps, delivery services, and the expansion of smaller restaurants with limited menus solely for pick-up orders. Aside from the horse statue that sits outside many of its restaurants, P.F. These early morning meetings are informal in nature and reflect a very comfortable "open-door" ethos that exists within our senior executive team, which I love. cnx.cmd.push(function() { page_type: 'article', Customer scores and turnover rate are in there, too.. About The 33-year-old will manage over 200 physical locations and is responsible for maintaining or expanding the almost $1 billion the business brings in in a year. The 33-year-old will manage over 200 physical locations and is responsible for maintaining or expanding the almost $1 billion the business brings in in a year. pos: 'right_rail_3', Changs China Bistro, a popular Asian casual-dining restaurant chain based in the U.S., is one of them. Chang's to open first of several To Go locations in Chicago", "P.F. Changs, what did you see that you thought you could improve? His input is working. A part of this growth comes from a push to step into the 21st century and utilize tools to advance customers experiences, providing a bridge between their desire to eat and the restaurants ability to serve. Under his leadership, the brand has embraced several changes to improve customer experience including revamping the dining rooms, revising the menu items as well as powering the inclusion of delivery and to-go orders which was seen as not fitting with the brand in times past. Customer scores and turnover rate are in there, too. This week, Karly speaks with P.F. He often. He often visits restaurants to meet the team and get feedback. Turned out Adamolekun was the CEO the chain needed. Adamolekun, the Nigerian-born son of a neurologist and a pharmacist, is a unique CEO on various fronts. Damola Adamolekun is the Chief Executive Officer of P.F. Changs. Chang's is a well-known Asian casual-dining restaurant brand located in the United States. Mr. Adamolekun is also a Partner at Paulson & Co., the principal owner of P.F. Damola Adamolekun is the CEO of restaurant chain P.F. Changs To Go takeout locations. Sign up for notifications from Insider! 1 min read Meet Damola Adamolekun, the CEO of P.F. Subscribe to Newsletter Chang's China Bistro, a popular Asian casual-dining restaurant chain based in the U.S.Since 2020, he has been leading the company to ensure its continued growth and success. Changs, an American-based Chinese-fusion restaurant franchise founded in 1993 by Paul Fleming and Philip Chiang. Next, I check my inbox. Damola Adamolekun became CEO of P.F. What about automation or more technology? What Illness Does She Have? Weve got a wagyu steak dish coming, so keep your eyes and your nose open. But we saw it as a huge opportunity. P.F. By clicking Sign up, you agree to receive marketing emails from Insider Chang's employee ranges from $16,000 for a dishwasher to $30,000 for a food runner. Changs, he is also still a partner at Paulson, working to expand other brands within their portfolio. SUGARING NYC is a fast growing franchise. This button displays the currently selected search type. subcat: '', For Adamolekun, being back in the restaurant industry is a full-circle moment. Damola, who is now 33-years old, has been essential in the evolution of P.F. Meet 33-Year-Old Damola Adamolekun, the First Black CEO of P.F. Chang's. He's one of America's youngest and most dynamic CEOs.. [23], On April 9, 2018, independent security researcher Akshay 'Ax' Sharma demonstrated a security flaw in P.F. I didnt plan to operate the business when I did the deal. Since 2020, he has been. tag: 'mandc,black-ceos,newsletter-2,restaurant-business,restaurant-chains,restaurant-industry', Chang, one of the high repute largest upscale-dining Asian restaurant brands in the United States. At just 31, Damola Adamolekun became the CEO of the famous restaurant chain P.F. Overview. So he speaks some Dutch. Changs headquarters) to help. Facebook Twitter LinkedIn Photo by W. Scott Mitchell Chang's Confirms Credit Card Breach", "P.F. ^ Zickhur, Monty (March 4, 2022). Changs in-restaurant experience from rivals like Applebees also tops Adamolekuns list of priorities. This as-told-to essay is based on a conversation with Damola Adamolekun, CEO of P.F. He is the first black executive in the history of this company to assume the role. [5], In mid-2014, information regarding credit card breaches at P.F. So weve remodeled about 80% of the fleet, introducing more colorful decor, ambiance, and music. Chang. Your background is in finance and dealmaking. Adamolekun is not only limited to 1 company; he is also connected with other companies and has a sizable financial stake in all of them. divId: 'div-gpt-ad-rightrail-3', I make notes of any interesting observations, questions, or oddities from my review to discuss with our COO Art Kilmer later in the morning, Adamolekun explained. kw: 'mandc,black-ceos,newsletter-2,restaurant-business,restaurant-chains,restaurant-industry', Damola Adamolekun made history when he became P.F. Our COO Art also arrives at the office around 7:30 a.m., and we spend a few minutes discussing the previous day's operating results. Edit Jobs Section. Meet Damola Adamolekun, the CEO of P.F. I'm a University of Lagos-trained journalist. When Paulson & Co acquired P.F. targeting: { Changs first full-size restaurant in the city. Im very data-driven, so I wanted to build a heat map of sorts to see whats happening within restaurants, so its not all anecdotes. Q2) What is the age of Damola Adamolekun? Read up on Damola Adamolekun's biography, career, awards and more on ESPN. ]); Use tab to navigate through the menu items. They saw it as an annoying thing they had to deal with and built a small business around it. He said, There were a lot of things on the menu that didnt belong.. [15], In January 2019, Chang's announced it was in talks to be sold to TriArtisan Capital Partners and Paulson & Co. for approximately $700 million from its previous owner, Centerbridge Partners. Black talents are representing big across the globe and weve got one more proof! Differentiating P.F. It has about 85% brand awareness, yet its a small company. You always want to innovate, but innovation got to a point where we were putting things on that didnt even fit our category, like an Asian mac and cheese dish. Youve got to start with our classic: the original lettuce wraps. His focus was on operations and core managementand there was a lot of progress therebut less on some of the technology transformations we wanted. Damola Adamolekun is the CEO of P.F. } Changs. tude.cmd.push(function() { For Adamolekun, the change in the companys culture included leadership showing the rank and file they will work as hard for success as they are, including rolling up their sleeves and making work not just about the food, but about corporate goals. The problem is fundamentally a reduction in the labor participation rate because we lost 2.5 million people from the workforce. Embracing self-love the key, Hon. 17802 Hillside Ave, Suite 410, Jamaica, New York 11432 | (732) 982-7744. Adamolekun in a chat with Insider, opened up on how he begins his day at 6:00 a.m. examining reports from his home office. This article is about the restaurant chain. Is that just marketing? Chang's employees. 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