P.F. Chang's Announces CEO Transition

Damola Adamolekun to Step Down as CEO; Rohit Manocha Appointed Interim CEO

SCOTTSDALE, Ariz., July 31, 2023 /PRNewswire/ -- P.F. Chang's China Bistro, Inc. (the "Company") today announced that Damola Adamolekun has decided to step down as Chief Executive Officer ("CEO") effective August 1st, 2023. The Board has appointed Rohit Manocha, a shareholder representative and P.F. Chang's board member since 2019, to serve as interim CEO and is working with an independent recruitment firm to conduct a comprehensive search for a successor. Mr. Adamolekun will return to Paulson & Co. Inc. ("Paulson") as a Partner focusing on investments.

"On behalf of the Board and the entire P.F. Chang's team, I want to thank Damola for his invaluable contributions since he joined the Company," said John Paulson, Board Chairman and President of Paulson. "Damola stepped in as CEO in the midst of the Covid-induced economic shut down and successfully pivoted the business to off-premise dining to continue to serve customers and stabilize cash flow.  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.  We are grateful for his leadership of the Company during this period."

"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," said Mr. Adamolekun. "It's been an honor to lead P.F. Chang's, and I wholeheartedly believe the strong team we have in place will continue to drive success in the future."

Mr. Manocha said, "The P.F. Chang's brand and restaurant network are in a great position, and I look forward to working closely with our talented team to build on our momentum, drive increased traffic and transition the Company to its next world class leader. Most importantly, we will continue to make our customers' lives better through iconic, authentic food and joyful hospitality."   

Mr. Manocha is a seasoned leader with deep experience in the restaurant, retail and investment industries. He is the Co-founder of TriArtisan Capital Advisors, a private investment firm, and his responsibilities include serving as chairman of TGI Fridays and a board member of Dover Saddlery and of Mears Transportation.

In the four and half years since acquisition, the Company has invested more than $200mm to open more than ten bistros and two flagships, revitalized the existing store fleet, and upgraded the menu and experience in restaurants to provide customers with the highest quality Asian food in an entertaining and celebratory setting. The Company has significantly expanded its takeout and delivery business, launching a small-footprint P.F. Chang's To Go format so more customers can enjoy P.F. Chang's anywhere. The Company is now in an ideal position to continue to grow and take advantage of the substantial opportunity to bring the P.F. Chang's experience worldwide.

About P.F. Chang's
Founded in 1993 by Philip Chiang and Paul Fleming, P.F. Chang's is the first internationally recognized multi-unit Asian culinary brand to honor and celebrate the 2,000-year-old tradition of wok cooking as the center of the guest experience. With roots in Chinese cuisine, today's menu at P.F. Chang's spans across all of Asia, honoring cultures and recipes from Japan, Korea, Thailand, and beyond. Each item offers a unique exploration of flavor, whether it's a handcrafted cocktail, wok-fired lunch bowl, or celebratory multi-course dinner. Worldwide, P.F. Chang's has more than 300 restaurants in 22 countries and U.S. airport locations, including a growing number of convenient P.F. Chang's To Go locations offering takeout and delivery. For more P.F. Chang's news, visit pfchangs.com.

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SOURCE P.F. Chang’s