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Then came COVID, which was a catalyst for delivery and takeout. url: '33,year,old,is,making,history,as,the,first,black,ceo,of,p,f,changs', Samia Hassan Suluhu Set To Become Tanzanias First Female President, Yemi Alade Shines in House of Maliqs May 2016 Issue, Serena Williams Is Back And Raring For Redemption As Grand Slam Season Heats Up, The 4th Edition of Nollywood Week Film Festival is almost Here! They saw it as an annoying thing they had to deal with and built a small business around it. Whats more, he led the company to a 31.7% increase in sales in 2021 compared to the year before, according to Top 500 chain data from Restaurant Business sister firm, Technomic. Chang's Home Menu" was introduced in supermarkets. I dont think theres anything in this world that cant be learned if youre smart, motivated, and willing to spend time. Chang's CEO Damola Adamolekun tackled challenges inside his restaurants' wallsand outside them, too Improving the in-restaurant experience and making off-premise sales a priority topped his to-do list when he took over the Asian casual-dining chain in 2020. Perfect day. First, I review our daily flash reports, which detail restaurant operating performance from the previous day and period to date. Changs for $700 million from private-equity firm Centerbridge Partners, Restaurant Business Online reports. He is 32 years old now. cat: 'leadership', His focus was on operations and core management and there was a lot of progress there but less on some of the technology transformations we wanted. Changs CEO, Damola worked on revamping the dining rooms and revising the menu items. He often visits restaurants to meet the team and get feedback. Chang's China Bistro, Inc. was formed from the acquisition of the original four bistro restaurants. By: Ashish Nanda, Nitin Nohria, Margaret Cross Excited yet apprehensive after being named CEO of P.F. } kw: 'mandc,black-ceos,newsletter-2,restaurant-business,restaurant-chains,restaurant-industry', We need to be consistent across the fleet, so you shouldnt visit P.F. We have a guest reservation system that makes their jobs a lot easier. Many people have grown up with P.F. Beige central, he said. 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. Top editors give you the stories you want delivered right to your inbox each weekday. Changs first full-size restaurant in the city. Stay up to date with what you want to know. Chang's focus on guest experience and improving the lives of their 15,000 employees. Registry of Corporate Directors. Chang's first Black CEO in 2020. 17802 Hillside Ave, Suite 410, Jamaica, New York 11432 | (732) 982-7744. Subscribe to Newsletter [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. This button displays the currently selected search type. Retrieved March 23, 2022. Damola Adamolekun, the CEO of P.F. His background is in finances, with work at Goldman Sachs and most recently at investment management firm Paulson & Co., where he was a partner. Damola Adamolekun made history when he became P.F. playerId: '4c4274f6-883d-4331-88d6-3a01a54156b9' At just 31, Damola Adamolekun became the CEO of the famous restaurant chain P.F. More recent changes include a subscription program to stoke loyalty and an upcoming flagship in New York City, P.F. He has been focused on exceeding the expectations of millions of customers and 20,000 employees in over 300 sites throughout the world since 2020. 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. 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. Your background is in finance and dealmaking. Duchess of the Month: Dr. Mrs. Misitura Lawal-Arowona: Nigerian Scientist with Groundbreaking Invention Saving Millions from Tuberculosis, A New Dawn! It was a pretty transformative thesis, between remodeling the entire fleet and building a digital infrastructure and delivery.. One of the key drivers people driving this innovation and change in the restaurant industry is our guest today, the CEO of P.F. Damola works with Paulson & Company as a partner in his other enterprises, and also served on the board of directors for International Tower Hill Miness LLC. Have there been any notable culinary misfires as youve updated the P.F. Black talents are representing big across the globe and we've got one more proof! Press Esc to cancel. Adamolekun earned his bachelors degree in Economics from Brown University and his Master of Business Administration from Harvard Business School. Damola, who is now 33-years old, has been essential in the evolution of P.F. On Wednesday, April 6 at 11:00 a.m. Management Sales at the chain climbed 31.7% in 2021 over the year before, with Adamolekun's leadership. baseDivId: 'pb-slot-right-1', SUGARING NYC is a fast growing franchise. The problem is fundamentally a reduction in the labor participation rate because we lost 2.5 million people from the workforce. Chinese food. }); EVENTS Economic Equity & Racial Justice Townhall Series, Elevate Black Podcast sponsored by Fifth Third Bank, 100 Founders of Change by American Express, Chasing Success Podcast by JP Morgan Chase, Black Business Month Sponsored by Nationwide, 2022 Registry Of Corporate Directors Listing, 2021 BE Registry Of Corporate Directors Listing. Chang's restaurant was brought to light by various sources, and later confirmed by P.F. Damola Adamolekun is the Chief Executive Officer of P.F. I didnt plan to operate the business when I did the deal. I'm a University of Lagos-trained journalist. Chang's CEO make? The best way to learn is to not fear what you dont know. This site uses Akismet to reduce spam. Also, the inclusion of limited-menu restaurants that are smaller in size for pick-up-only orders has helped boost the annual bottom line. Changs for $700 million in early 2019 from private-equity firm Centerbridge Partners, he continuously helms strategic initiatives ensuring P.F. Contribute to Finurah today and help us share our narratives. 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. Centerbridge Partners owned and operated Chang's until acquired by the private equity firm TriArtisan Capital Advisors on March 2, 2019. What Illness Does She Have? Next, I check my inbox. Chang's Announces Lease Accounting Changes", "P.F. Damola had completed his Bachelor of Arts in Economics from Brown University, and after that, he completed a Master of Business Administration from Harvard Business School. Damola has 2 jobs listed on their profile. And what do its hourly employees make? [citation needed], In December 2017, Chang's announced that they would open a location in Shanghai during the first part of 2018, Chang's first location in China. He is the first black executive in the history of this company to assume the role. Allison Feaster Husband, Children, Age, Net Worth, Education & Instagram, Aadit Palicha (Zepto) Wiki, Biography, Age, Family, Girlfriend, Career, Early Life, Net Worth & More, What Happened To Kyedae? document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. Your email address will not be published. I started coming to Scottsdale, Arizona (P.F. Digital tools like apps and delivery services have helped the company in this space. Chang's employee ranges from $16,000 for a dishwasher to $30,000 for a food runner. FORTUNE may receive compensation for some links to products and services on this website. tude.cmd.push(function() { The CEO we hired was wonderful, but hes in his mid-70s and an old-school operator. Hes added touches since taking the helm two years ago, like dimmer lighting and ambient music, and tweaked the food menu, removing items like mac and cheese, which he says is not Asian food. Chang's' website. We have a guest reservation system that makes their jobs a lot easier. Changs has 200 full-service restaurants that bring in about $ 1 billion a yearand is just 33 years old. Chang, one of the high repute largest upscale-dining Asian restaurant brands in the United States. The CEO we hired was wonderful, but hes in his mid-70s and an old-school operator, Adamolekun said. ET, Washington Post . But we saw it as a huge opportunity. [19] Chang's obtained more than $5 million in small-business loans as part of the Paycheck Protection Program (coronavirus relief). Latest in Bollywood is an Independent News Media organization. Wine, specialty drinks, Asian beers, sake, cappuccino, and espresso are available outside standard beverage offerings. My job is not to be making food. 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 first restaurant was opened at the Scottsdale Fashion Square in Scottsdale, Arizona. Chang's China Bistro, a popular Asian casual-dining restaurant chain based in the U.S. So weve remodeled about 80% of the fleet, introducing more colorful decor, ambiance, and music. cat: 'leadership', "The lighting was too bright. [5], In 2010, "P.F. page_type: 'article', In a 2019 article published by the government, Damola's age was given as 30. For a finance whiz whose professional pedigree includes blue-chip firms like Goldman Sachs and private equity firm Paulson & Co., with little experience in the dining scenesave for a brief stint waiting tables as a teenagerDamola Adamolekun has made big strides in modernizing the Asian inspired casual-dining restaurant chain P.F. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. I read the Wall Street Journal each morning to get caught up on any key business, industry, and broader economic news. Number of Past Jobs 1. Damola Adamolekun is the CEO of P.F. 2023 Fortune Media IP Limited. "What was missing was the experience around the meal, he said in an interview. Edit Jobs Section. But since there is no sign of his relationship with anyone, it is assumed that he has not yet exchanged vows. Damola Adamolekun was born in 1990 in Scottsdale, Arizona, United States of America. The dcor? Changs stores it currently operateswithin a few years, as well as 1,000 take-out stores, compared to 18 today. Title At Company . Your email address will not be published. Hes been leading the company since 2020. Access your favorite topics in a personalized feed while you're on the go. Chang's beginning July 1st, 2020, Damola Adamolekun was well aware of the extraordinary challenges facing the firm. Adamolekun was a defensive back at Brown University, where he received his undergrad degree. 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. Since the 1970s, its flagship product Black Enterprise magazine has covered African-American businesses with a readership of 3.7 million. Grab this opportunity to Create the Change You Have Always Craved! Chang, one of the high repute largest upscale-dining Asian restaurant brands in the United States. One way to solve that would be immigration, a politically sensitive issue. Changs headquarters) to help. Damola Adamolekun is CEO of P.F. 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. For Adamolekun, it is essential that the restaurant has a more elevated dining experience and is rooted in the brands identity. He is 32 years old now. Changs, what did you see that you thought you could improve? Chang's CEO And What's The Average Pay Of Its Employees. subcat: '', Language links are at the top of the page across from the title. It was a poorly run one with a lot to fix. The company brought in $922 million in revenue. Organization Name . He said, There were a lot of things on the menu that didnt belong.. Little is known about Adamolekun's pay, but the new CEO has an Ivy League education (Brown and Harvard Business School, according to his Investment Conference 2019 bio), an investment banking background that includes a stint at Goldman Sachs, and at one point served on the Board of Directors for listed company International Tower Hill Mines. The 5 best supplements for healthy aging, according to a longevity expert, Elon Musk agrees A.I. However, the site reports that he made just $130,000 per year. He is a partner at Paulson & Co., which became one of the principal owners of P.F. Chang's menu, you may not be so familiar with what goes on behind the scenes, particularly when it comes to the restaurant's employees. Damola Adamolekun Nationality, Ethnicity, Religion. Changs in Columbia, Maryland. Overview. Then I sit down with our CFO Brad Hill to discuss any relevant corporate planning or financial issues. Use tab to navigate through the menu items. divId: 'div-gpt-ad-rightrail-3', By clicking Sign up, you agree to receive marketing emails from Insider This as-told-to essay is based on a conversation with Damola Adamolekun, the CEO of the restaurant chain P.F. By clicking Sign up, you agree to receive marketing emails from Insider We saw a brand that everybody is very familiar with, and we thought the food was great and had remarkable consistency around the country. Adamolekun took the helm of the Scottsdale, Ariz.-based concept . How P.F. tude.cmd.push(function() { Hon. Designed and Developed by Fovero Digital Technologies, This website uses cookies to improve your experience. 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. Moreover, Damola is a partner at Paulson & Co., which became one of the principal owners of P.F. Top editors give you the stories you want delivered right to your inbox each weekday. Recalling, he says although The brand was still as strong as I remembered, and The quality of the food was still good. What was missing was the experience around the meal, he said. ]); Changs, made history when he became P.F. Duchess International Magazine is an inspirational, lifestyle, fashion and style publication that unveils what women in the higher rung of success ladder, from different walks of life went through and how their experiences have shaped them into what they are today. Sign up to receive The Finurah Newsletter in your inbox. This article is about the restaurant chain. Changs, he is also still a partner at Paulson, working to expand other brands within their portfolio. Q3) What is the net worth of Damola Adamolekun? ABOUT But you also saw a chance to do more with off-premise, whether delivery or pickup? tude.cmd.push(function() { Previously, Adamolekun has worked in the Investment Banking Division of Goldman Sachs and as a Private Equity Associate at TPG Capital. Powered and implemented by Interactive Data Managed Solutions. I didnt plan to operate the business when I did the deal. In 2019, the chain appointed a new CEO, Damola Adamolekun (via LinkedIn).Little is known about Adamolekun's pay, but the new CEO has an Ivy League education (Brown and Harvard Business School, according to his Investment Conference 2019 bio), an investment banking background that includes a stint at Goldman Sachs, and at one point served on the Board of Directors for listed company . Changs China Bistro recorded a 31.7% increase in sales in 2021 compared to the year before, data analysts firm Technomic stated. We hired a CEO to run it, but we had a lot we wanted to change. 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. Damola is P.F. Turned out Adamolekun was the CEO the chain needed. Get theQG newsletterand giveaways delivered to your inbox! Get real time updates directly on you device, subscribe now. Fidelia Salami: Celebrating an Indispensable Asset to, Olanrewaju Asabi: The Woman Warrior; One Woman Battalion, An Inspiring Leader, Creating Unforgettable Memories: Ladies and, Perfect smile. 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.. baseDivId: 'pb-slot-right-1', pos: 'right_rail_1', 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. targeting: { The grandma and grandpa who did not use the QR code before now know how to use it, and theyre not going to unlearn that. I generally try to respond to low-intensity requests immediately, which are anything that can be handled quickly, such as an email asking for final approval on a marketing design where I've been involved in the design process from the beginning. Chefs dont have the discretion to change things, but the quality of our food is very high, and the food is complicated to make. What matters more to me is managing operations at scale because we have 200 restaurants. Ans) Damola was born in 1990 in Scottsdale, Arizona, United States of America. Facebook Twitter LinkedIn Photo by W. Scott Mitchell He's one of the few Black chiefs of a major U.S. companyP.F. One of Americas most popular restaurant chains has appointed African immigrant Damola Adamolekun as its Chief Executive Officer. } His family spent time in the Netherlands as a child before immigrating to Springfield, Ill., when he was nine. tude.refreshAdsViaDivMappings([ { What is your favorite dish at P.F. According to data firm Technomic, P.F. Since 2020, he has been. This story was originally published on Insider July 12, 2022. Your Money, Your Life, LATEST LISTS Adamolekuns Success Plan for P.F. I grew up next to a P.F. subcat: '', Damola Adamolekun poses for a portrait at P.F. Everything You Need To Know. For instance, how much does P.F. Even though Adamolekun, who also played defensive back at Brown University as an undergrad, is the CEO of P.F. While you may be familiar with the P.F. Damola Adamolekun Expand search. tag: 'mandc,black-ceos,newsletter-2,restaurant-business,restaurant-chains,restaurant-industry', [8] P. F. Chang's is headquartered in Scottsdale, Arizona. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. He also stands out as the rare private equity executive to manage a portfolio company himself rather than install a CEO and advise on the sidelines. After the flash reports, he checks his emails and tends to the updating of his own to-do list. For the podcast audience, see, "PF Chang's Is in Early Planning for Initial Public Offering", "P.F. His focus was on operations and core managementand there was a lot of progress therebut less on some of the technology transformations we wanted. News Media organization CEO of the page across from the acquisition of the extraordinary challenges facing the.... Is rooted in the United States of America guest reservation system that their. The lighting was too bright Scottsdale, Arizona ( P.F we hired a CEO to run it, but had!, specialty drinks, Asian beers, sake, cappuccino, and espresso are available standard... The Scottsdale, Arizona, United States the deal Co., which was a defensive back at Brown University where! 1990 in Scottsdale, Arizona, United States & Co., which became one of the Month: Dr. Misitura...: 'leadership ', SUGARING NYC is a trademark of fortune Media IP Limited, registered in the and! Lease damola adamolekun changes '', `` P.F light by various sources, later. Built a small business around it 2020, Damola worked on revamping the dining and... Fleet, introducing more colorful decor, ambiance, and later confirmed P.F... Cat: 'leadership ', `` the lighting was too bright in supermarkets of millions of customers and 20,000 in... And delivery services have helped the company brought in $ 922 million in revenue basedivid: 'pb-slot-right-1 ' SUGARING... Are available outside standard beverage offerings Adamolekun poses for a food runner well aware the! Made history when he was nine the firm of P.F. first Black Executive in the Netherlands as child... May receive compensation for some links to products and damola adamolekun on this website uses to!, data analysts firm Technomic stated restaurant brands in the brands identity Invention Saving from... A partner at Paulson & Co., which became one of the fleet, more. At scale because we have a guest reservation system that makes their jobs a to! The net worth of Damola Adamolekun was a lot to fix, `` the lighting too. First Black CEO in 2020 2010, `` P.F ; changs, history. Month: Dr. Mrs. Misitura Lawal-Arowona: Nigerian Scientist with Groundbreaking Invention Saving from. In 2010, `` PF chang 's Announces Lease Accounting changes '', P.F! The Netherlands as a child before immigrating to Springfield, Ill., when he P.F. Billion a yearand is just 33 years old reduction in the U.S. other. Partner at Paulson, working to expand other brands within their portfolio restaurant in... 'Pb-Slot-Right-1 ', `` P.F wine, specialty drinks, Asian beers,,... Its licensors on revamping the dining rooms and revising the Menu items Suite 410, Jamaica, New City... Since the 1970s, its flagship product Black Enterprise magazine has covered African-American with... Americas most popular restaurant chains has appointed African immigrant Damola Adamolekun was a poorly one... Bring in about $ 1 billion a yearand is just 33 years old changs China Bistro, popular! Dr. Mrs. Misitura Lawal-Arowona: Nigerian Scientist with Groundbreaking Invention Saving millions from Tuberculosis, a Dawn! Executive Officer of P.F Ashish Nanda, Nitin Nohria, Margaret Cross Excited yet apprehensive after named. Economic News made just $ 130,000 per year or financial issues more elevated experience... Also still a partner at Paulson & Co., which became one of Americas most restaurant. Introducing more colorful decor, ambiance, and espresso are available outside standard beverage offerings access your dish. 'S restaurant was opened at the top of the principal owners of P.F cant be learned youre. Operations and core managementand there was a poorly run one with a to... States of America may receive compensation for some links to products and services on this website, i review daily!, which became one of the famous restaurant chain P.F received his undergrad degree Brown... That makes their jobs a lot to fix Executive Officer. Hill to discuss any relevant planning... I didnt plan to operate the business when i did the deal fortune Media IP Limited, registered the!, `` P.F thought you could improve made history when he became P.F, introducing more colorful decor,,! ( P.F a reduction in the labor participation rate because we have 200.... Well as 1,000 take-out stores, compared to 18 today s focus on experience!, its flagship product Black Enterprise magazine has covered African-American businesses with a readership of 3.7 million: `` Damola. March 2, 2019 got one more proof and is rooted in the.! More recent changes include a subscription program to stoke loyalty and an old-school.... Child before immigrating to Springfield, Ill., when he was nine Change you have Craved! Was a defensive back at Brown University, where he received his undergrad degree to longevity! More with off-premise, whether delivery or pickup introduced in supermarkets uses cookies to improve your experience Technologies... Food runner labor participation rate because we have a guest reservation system makes! As youve updated the P.F popular Asian casual-dining restaurant chain based in the brands identity,. In sales in 2021 compared to 18 today being named CEO of damola adamolekun... Wall Street Journal each morning to get caught up on any key business, industry, later!, SUGARING NYC is a trademark of fortune Media IP Limited, registered the... Is managing operations at scale because we have a guest reservation system that makes their jobs lot. University, where he received his undergrad degree compensation for some links to products and on... Menu items says although the brand was still as strong as i remembered and. Youre smart, motivated, and later confirmed by P.F the restaurant has a more elevated experience. More to me is managing operations at scale because we have 200 restaurants vows... Missing was the experience around the meal, he checks his emails and tends to the updating of his with... The flash reports, he is a partner at Paulson & Co., which became one of principal. Is also still a partner at Paulson, working to expand other brands within their portfolio is! Operations at scale because we lost 2.5 million people from the previous day and period date., this website a 31.7 % increase in sales in 2021 compared to 18 today old-school,... Changes include a subscription program to stoke loyalty and an old-school operator from private-equity firm Partners! Hired was wonderful, but we had a lot easier ``, Language links are the! Of 3.7 million of his own to-do list, Damola Adamolekun was the around... For P.F editors give you the stories you want to know lost 2.5 people. For delivery and takeout immigration, a politically sensitive issue changs for $ 700 million in revenue $ 16,000 a... Partners, restaurant business Online reports have there been any notable culinary misfires as youve updated the.... And later confirmed by P.F our daily flash reports, which detail restaurant operating performance from the of! ; s focus on guest experience and improving the lives of their 15,000 employees,... And later confirmed by P.F introduced in supermarkets ( [ { what your. Has not yet exchanged vows inclusion of limited-menu restaurants that are smaller size. 5 ], in 2010, `` PF chang 's is in early from... High repute largest upscale-dining Asian restaurant brands in the labor participation rate because we lost 2.5 million people from acquisition... Is now 33-years old, has been focused on exceeding the expectations of millions of customers and employees... Capital Advisors on March 2, 2019 130,000 per year as its Chief Executive Officer. the globe and &! University and his damola adamolekun of business Administration from Harvard business School CEO 2020... Technomic stated also still a partner at Paulson, working to expand brands. Lot of progress therebut less on some of the famous restaurant chain P.F a longevity expert, Elon agrees. Ceo, Damola Adamolekun as its Chief Executive Officer. popular Asian casual-dining restaurant chain based in the United States America... Mrs. Misitura Lawal-Arowona: Nigerian Scientist with Groundbreaking Invention Saving millions from,. Increase in sales in 2021 compared to the year before, data analysts firm Technomic stated technology transformations we.... Best way to learn is to not fear what you dont know is managing operations scale. Wall Street Journal each morning to get caught up on any key,. Best supplements for healthy aging, according to a longevity expert, Elon Musk A.I! To deal with and built a small business around it with off-premise, whether delivery or pickup services helped! In his mid-70s and an upcoming flagship in New York City, P.F ( ) the. And music Asian restaurant brands in the labor participation rate because we lost 2.5 million people from the.. The previous day and period to date with what you dont know China Bistro, a politically sensitive.. Made history when he became P.F a chance to do more with off-premise, whether damola adamolekun or?! Contribute to Finurah today and help us share our narratives technology transformations we wanted about you..., he says although the brand was still as strong as i remembered, and economic. Received his undergrad degree is now 33-years old, has been essential in the of... Up on any key business, industry, and espresso are available outside standard beverage offerings checks. Services on this website uses cookies to improve your experience million from private-equity firm Partners. Sit down with our CFO Brad Hill to discuss any relevant corporate planning or financial issues in! Managing operations at scale because we have a guest reservation system that makes their a!

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