Damola Adamolekun is a 34 year-old US-based Nigerian business executive and former CEO of P.F. Chang, a famous restaurant chain. His net worth is estimated at $10 million, and he earned this fortune from his exploits as an entrepreneur.
Damola Adamolekun is among the many black talents doing well across the globe. Damola made history when he became P.F. Chang’s first black CEO of one of the most well-known restaurant chains in the hospitality industry. He is today, one of the young and well-established Nigerians making an impact in the global market. Aside from being one of the biggest black entrepreneurs, do you know Damola is also a sports enthusiast? Get to know more about him as you read further.
What Is Damola Adamolekun’s Age Today?
Damola Ademolekun is 34 years old as of today. He was born in 1989 in Nigeria but was raised in places such as Zimbabwe, Amsterdam, Springfield, Ill., and Columbia, Md. His father, Mr. Adamolekun, is a neurologist, and his mother is a pharmacist. Damola has two younger brothers whose names are currently not known. Apparently, he is the first child and son of his parents.
Being the son of two well-educated people, Damola had quite a sound educational background. He attended Brown University, where he pursued finance and excelled with a degree in the course. He also has a Master of Business Administration from Harvard Business School. He is one of the fastest-growing young entrepreneurs and investors in the world.
What Is Damola Adamolekun’s Ethnicity?
Damola belongs to the Yoruba ethnic group located in the Southwestern part of Nigeria. His father is a Yoruba man, and although he grew up experiencing various cultural backgrounds from different ethnic groups around the world, he still remained rooted in his Yoruba heritage.
Damola Worked On Wall Street After College
Although he was raised by parents who were well-grounded in everything related to academics, Damola still grew his business sense from the four corners of his home. His first exposure to business was at his mother’s retail store in Nigeria. In addition to learning some of the key requirements to a successful business, he also learned about work ethics while helping to manage his mother’s store.
Damola has always found business interesting, even when he was young. When he was still in high school, he started working, and he invested all his earnings. At the age of 16, he opened his first stock portfolio and was dedicated to his investment plans. His passion and intellectualism in everything that pertains to investments earned him a position as president of the Brown Investment Club.
After graduation, Damola went to New York and started working on Wall Street, pursuing his path toward an investing career. He also worked as a Private Equity Group Summer Analyst at Goldman Sachs. In 2011, he became the company’s Investment Banking Analyst. In July 2013, he reportedly joined TPG Capital as a Private Equity Associate, where he worked for more than two years until July 2015.
Damola turned his entrepreneurial passion into an operating career when Paulson bought P.F. Chang’s. He was also a member of the Board of Directors at International Tower Hill Mines LLC from March 2018 to June 2020.
Damola Became the CEO of P.F. Chang’s at Age 31
At just 31, Damola Adamolekun became the CEO of the famous restaurant chain P.F. Chang, one of the largest high-repute upscale-dining Asian restaurant brands located in Scottsdale, Arizona, in the United States of America. He began to lead the company in 2020, a year after Paulson & Co became one of the principal owners of P.F. Chang’s, which was bought for $700 million.
As the CEO of P.F. Chang, Adamolekun dealt with overhauling the restaurants’ eating regions and menu and tech stack; through the COVID-19 pandemic. Under his leadership, Chang’s also pursued some innovative strategies, such as the inclusion of delivery and to-go orders, which was previously viewed as unfitting to the brand.
He equally initiated a monthly subscription program which was not only helpful in improving customer experience but was also key to the financial improvements of the company. P.F. Chang’s China Bistro reportedly recorded a 31.7% increase in sales in 2021 compared to its previous years. The company also witnessed the opening of 10 new restaurants, including a Manhattan flagship.
Damola Adamolekun’s Salary
Damola’s current salary has not been unveiled, but it is assumed to fall around the scope of $130,000 or more yearly. This was Richard Federico’s pay when he filled in as P.F. Chang’s CEO. He is remembered to have total assets of about $2 million starting around 2022 because of his successful profession. It is also possible that Damola Adamolekun’s salary is as high as $236,188 per annum.
Damola Adamolekun’s Net Worth
Damola’s net worth is estimated at $10 million. He earned this fortune from working on Wall Street as well as his P.F. Chang salary. In addition to his monthly earnings as salary, Damola Adamolekun makes huge income from investments. The 34-year-old business-centric isn’t restricted to one business; he is connected with different organizations and holds a critical stake in most of them.
Since June 2016, Damola owns a major share in Paulson & Co – the investment group that joined forces with TriArtisan Capital Advisors to buy P.F. Chang for $700 million in early 2019 from private-equity firm Centerbridge Partners. He joined TPG Capital as a Private Equity Associate in July 2013, and he worked there for more than two years until July 2015.
Similarly, Damola Adamolekun has been a Partner at Paulson & Co. since June 2016. Likewise, he has also served as a member of the Board of Directors for the National Restaurant Association since January 2023.
Is Damola Still The P.F. Chang’s CEO?
Damola stepped down as P.F.Chang’s CEO on August 1, 2023. He officially became the company’s CEO in 2020 and led through half of 2023. During his tenure, Chang’s total sales rose nearly 13% from 2019 to 2022, and AUVs increased by more than 11%.
Damola Adamolekun stepped down to return to the chain’s private-equity owner, Paulson & Co.; the PE firm took an ownership stake in P.F. Chang’s in 2019 and installed him as CEO to focus on investments. Damola’s transition was effective on Tuesday, August 1, 2023, and he would be replaced on an interim basis by board member Rohit Manocha while P.F. Chang searches for a permanent replacement.