Dive Brief:

• P.F. Chang’s CEO Damola Adamolekun will exit his post effective Aug. 1, the company announced Monday.
• Rohit Manocha, a shareholder representative and P.F. Chang’s board member since 2019, will serve as interim CEO.
• Adamolekun, who joined P.F. Chang’s in 2019, navigated the company through COVID-19 lockdowns and returned it to growth through a brand refresh and new restaurant openings, said John Paulson, P.F. Chang’s board chairman and president of investment management firm Paulson & Co.

Dive Insight:

Since TriArtisan Capital Advisors and Paulson’s bought the Asian chain in 2019, P.F. Chang’s has spent over $200 million to open 10-plus restaurants and two flagship locations. The company also upgraded its menu, revitalized its existing stores and focused more on off-premise business during this time. 

During Adamolekun’s tenure, the company launched P.F. Chang’s To Go. In 2021, the chain said it planned to grow that store model to 50 units by 2022. In February, Paulson & Co. injected $20 million in P.F. Chang’s to support its expansion, Restaurant Business reports.

The company also began exploring self-delivery with Cartwheel in 2021. As dine-in restrictions lifted, P.F. Chang’s updated its loyalty program, adding a subscription level in September 2022 to provide customers with benefits like free delivery for $6.99 per month. The membership also includes priority reservations and a dedicated concierge phone line to answer customer questions.

"I'm immensely proud of all that we've accomplished to elevate the customer experience, to build-out the Company's technology infrastructure to enable a robust takeout and delivery business, and to expand our international footprint," Adamolekun said. 

In 2021, Bloomberg reported the chain was exploring an initial public offering. At the time, P.F. Chang’s said it “did not comment on rumors or speculation,” and there have been no recent rumblings about these potential plans.

Adamolekun will return to Paulson & Co., one of P.F. Chang’s owners, as a partner focusing on investments, according to the press release. He originally joined Paulson & Co. in 2016, according to his LinkedIn profile. 

Manocha is a co-founder of TriArtisan Capital Advisors. Manocha serves as chairman of TGI Fridays, which is also owned by TriArtisan, and is a board member of Dover Saddlery and Mears Transportation, according to the press release. 

The company will work with an independent recruitment firm to find a permanent CEO.