Summary
Darden Restaurants, Inc. (DRI) announced a significant leadership change in an 8-K filing dated February 23, 2015. The Board of Directors has officially appointed Eugene I. Lee, Jr. as the Chief Executive Officer, effective immediately. This appointment formalizes his role, as he had been serving as Interim CEO since October 2014. Mr. Lee's extensive experience within Darden, including his previous roles as President and COO, and his leadership at RARE Hospitality, positions him to guide the company through its current strategic period. The filing also details Mr. Lee's compensation package associated with his new role. His annual base salary will be $925,000, with a target annual cash bonus of 100% of his base salary. Furthermore, he is eligible for equity compensation with a target annual grant value of $2,650,000, with performance goals to be aligned with the company's operating plan. The board's decision to expand by one director to accommodate Mr. Lee underscores the importance of his leadership.
Key Highlights
- 1Eugene I. Lee, Jr. appointed as Chief Executive Officer, effective immediately.
- 2Mr. Lee also elected to the Board of Directors, increasing its size to 14 members.
- 3Mr. Lee has prior experience as President and Interim CEO, and a long history with Darden and RARE Hospitality.
- 4New CEO compensation includes an annual base salary of $925,000.
- 5Target annual cash bonus set at 100% of base salary.
- 6Target annual equity grant valued at $2,650,000, with performance goals tied to the operating plan.