8-KOther Events

DARDEN RESTAURANTS INC 8-K Report (Mar 27, 2002)

Filed March 27, 2002For Securities:DRI

Summary

Darden Restaurants, Inc. filed an 8-K report on March 27, 2002, announcing a significant restructuring of its senior management team, effective April 1, 2002. This move aims to leverage existing leadership strengths and build a more integrated operating company focused on consistent, long-term growth across its brands, which include Red Lobster, Olive Garden, Bahama Breeze, and Smokey Bones BBQ Sports Bar. The restructuring involves key promotions and a shift in reporting lines, designed to enhance operational efficiency and capitalize on positive momentum within its core brands while also focusing on future expansion opportunities through both internal development and acquisitions. The company stated that the timing is appropriate given the strong performance of Olive Garden and Red Lobster and the promising starts of Bahama Breeze and Smokey Bones.

Key Highlights

  • 1Darden Restaurants announced a senior management restructuring effective April 1, 2002.
  • 2Brad Blum (President of Olive Garden) and Dick Rivera (President of Red Lobster) are promoted to Vice Chairmen.
  • 3Clarence Otis, Jr. is promoted from Senior Vice President/Chief Financial Officer to Executive Vice President/Chief Financial Officer.
  • 4Drew Madsen is promoted to President of Olive Garden, reporting to Brad Blum.
  • 5Edna Morris is promoted to President of Red Lobster, reporting to Dick Rivera.
  • 6The restructuring is intended to build a more integrated operating company focused on long-term growth and expansion.
  • 7The company cited strong performance in Olive Garden and Red Lobster and a strong start for Bahama Breeze and Smokey Bones as reasons for the timing of the changes.

Frequently Asked Questions

The primary goal of the restructuring is to leverage the skills of Darden's leadership team, build a stronger and more integrated operating company, and maximize teamwork to achieve consistent, outstanding long-term growth across its restaurant brands.

The restructuring impacts the leadership of Olive Garden and Red Lobster, with new Presidents appointed for both. The reporting lines for other brands like Bahama Breeze and Smokey Bones BBQ Sports Bar are also affected by the broader management changes.

Darden Restaurants is focused on capitalizing on the positive momentum of its core brands (Olive Garden and Red Lobster), supporting the growth of newer brands (Bahama Breeze and Smokey Bones), and increasing focus on expansion opportunities through both internal development and acquisitions.

Clarence Otis, Jr. has been promoted to Executive Vice President/Chief Financial Officer, reporting directly to CEO Joe Lee.