Damola Adamolekun has stepped down from his role as chief executive officer of P.F. Chang’s China Bistro. Rohit Manocha, a shareholder representative and P.F. Chang’s board member since 2019, will serve as interim CEO as the company’s board of directors looks for Adamolekun’s successor.
Adamolekun will return to Paulson & Co. Inc. as a partner focusing on investments.
Under Adamolekum’s leadership the casual dining chain increased its emphasis on off-premises dining through its P.F. Chang’s to Go prototype, which was launched in 2020. These smaller footprint units focus on takeout, delivery, catering and third-party delivery services. In March of this year, the chain opened P.F. Chang’s to Go location in New York City’s Midtown West neighborhood, which gave it 20 such locations system-wide, including 4 in The Big Apple.
“Damola stepped in as CEO in the midst of the Covid-induced economic shutdown and successfully pivoted the business to off-premise dining to continue to serve customers and stabilize cash flow,” said John Paulson, board chairman and president of Paulson in a statement. “Subsequently, he returned the company to growth through a total brand refresh and new restaurant openings that position P.F. Chang’s for long-term success.”
Paulson & Co. acquired P.F. Chang’s four and half years ago.