8-KLeadership ChangesExhibits & Filings

DARDEN RESTAURANTS INC 8-K Report, Executive Changes (Jul 8, 2015)

Filed July 8, 2015For Securities:DRI

Summary

Darden Restaurants, Inc. (DRI) announced a significant leadership change with the appointment of Jeffrey A. Davis as Senior Vice President and Chief Financial Officer (CFO), effective July 16, 2015. Mr. Davis brings extensive financial leadership experience from his tenure at Walmart, where he most recently served as Executive Vice President and CFO for the Walmart U.S. segment. This appointment marks a transition from C. Bradford Richmond, who, after 32 years of service, will transition to a support role before retiring at the end of July 2015. The company has established a competitive compensation package for Mr. Davis, including an annual base salary of $560,000, a target annual cash bonus of 80% of his base salary, and significant equity awards totaling $2,000,000 (a $1,000,000 initial restricted stock unit grant and a $1,000,000 annual target equity grant). Investors can expect Mr. Davis to oversee a broad range of financial functions, including investor relations, and his background at a large retail organization like Walmart is anticipated to bring valuable expertise to Darden's financial strategy and operations.

Key Highlights

  • 1Appointment of Jeffrey A. Davis as Senior Vice President and Chief Financial Officer, effective July 16, 2015.
  • 2Mr. Davis previously served as EVP and CFO for Walmart U.S. segment, bringing significant retail financial leadership experience.
  • 3C. Bradford Richmond, the outgoing CFO after 32 years of service, will transition and retire on July 28, 2015.
  • 4Mr. Davis' compensation includes an annual base salary of $560,000 and a target annual cash bonus of 80% of base salary.
  • 5Mr. Davis will receive a $1,000,000 restricted stock unit grant upon appointment and has a target annual equity grant value of $1,000,000.
  • 6He will be eligible for the Company's annual cash incentive and equity compensation programs.
  • 7Mr. Davis' responsibilities will encompass a wide range of financial, accounting, treasury, investor relations, and operational oversight functions.

Frequently Asked Questions

Jeffrey A. Davis has been appointed as the new Senior Vice President and Chief Financial Officer. He has extensive experience, most recently serving as Executive Vice President and Chief Financial Officer for the Walmart U.S. segment. Prior to that, he held various senior financial roles at Walmart, including global Treasurer, and prior experience as CFO for other companies and at KPMG.

Mr. Davis will receive an annual base salary of $560,000. He is eligible for the Company's annual cash incentive program with a target bonus of 80% of his base salary. Additionally, he will receive a special equity grant of restricted stock units valued at $1,000,000 upon his effective date, and has a target annual equity grant value of $1,000,000, with the first grant on July 29, 2015. He will also receive a $100,000 sign-on bonus and certain perquisites like a company car allowance.

C. Bradford Richmond, who served as CFO since 2006 and has 32 years of service with Darden Restaurants, is transitioning out of his role. From the effective date of Mr. Davis' appointment until his retirement on July 28, 2015, Mr. Richmond's title will be Senior Vice President, Finance Transition, and he will assist in onboarding Mr. Davis.

Mr. Davis will be responsible for the Company's financial functions, including finance and accounting, corporate reporting, corporate tax, treasury, and investor relations. He will also oversee internal audit, supply chain, and real estate and development. He will report directly to the CEO, Eugene I. Lee, Jr.