Red Lobster hires Yum Brands vet as CFO

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Name: Bob Baker

New title: CFO, Red Lobster

Previous title: CFO, Checkers & Rally’s

Baker has over 30 years of experience with brands like Benihana, Cafe Rio Mexican Grill and Yum Brands, per the release. He had been CFO at Checkers & Rally’s from 2018 to 2022 and spent about three years at Benihana. During his time at Cafe Rio Mexican Grill, he helped grow the chain from six to more than 70 restaurants. During the 16 years he spent at Yum Brands, he served in various roles across financial and strategic planning, mergers and acquisitions and other areas.  

Baker has “deep financial expertise,” Red Lobster CEO Damola Adamolekun said in a statement. 

“His wealth of experience gained across the restaurant industry, combined with his hands-on approach, will be invaluable as we continue to position Red Lobster for long-term growth,” Adamolekun said.

Baker joins the chain roughly a month after Red Lobster exited Chapter 11 proceedings under new owner Fortress Investment Group. Adamolekun became CEO last month. With its new backers, the chain has $60 million in funding that it will use to help revitalize the brand that declared bankruptcy in May. 

The chain had faced declining same-stores sales and rising rental prices for years, but its ill-fated Ultimate Endless Shrimp promotion led to significant losses. It closed over 100 restaurants as part of its restructuring.

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