8-KLeadership Changes

DARDEN RESTAURANTS INC 8-K Report, Executive Changes (Dec 18, 2015)

Filed December 18, 2015For Securities:DRI

Summary

Darden Restaurants, Inc. (DRI) announced a key executive appointment in its 8-K filing dated December 18, 2015. John W. Madonna has been appointed Senior Vice President, Corporate Controller, and will assume the role of principal accounting officer effective January 4, 2016. Mr. Madonna, who has been with Darden since 2005 and most recently served as Senior Vice President, Accounting, brings significant internal experience to this critical financial leadership position.

Key Highlights

  • 1John W. Madonna appointed Senior Vice President, Corporate Controller, effective January 4, 2016.
  • 2Mr. Madonna will also serve as the Company's principal accounting officer from the effective date.
  • 3Madonna has been with Darden Restaurants since 2005, progressing through various accounting roles.
  • 4His appointment reflects internal promotion and recognition of his contributions.
  • 5Compensation package includes a ~15% base salary increase.
  • 6Target annual cash bonus opportunity increased to 50% of base salary.
  • 7Eligible for customary annual equity grants (stock options and performance-based RSUs).

Frequently Asked Questions

John W. Madonna has been appointed as the Senior Vice President, Corporate Controller of Darden Restaurants, Inc., effective January 4, 2016. He will also assume the responsibilities of the principal accounting officer.

Mr. Madonna has a long tenure with Darden Restaurants, having joined the company in 2005. He has held positions of increasing responsibility within Corporate Reporting and Accounting, most recently serving as Senior Vice President, Accounting.

His compensation will be enhanced with an approximate 15% increase in his annual base salary. Additionally, his target annual cash bonus opportunity will increase to 50% of his base salary, and he will receive customary annual equity grants, including stock options and performance-based restricted stock units.

This filing does not indicate any changes to the company's accounting practices. Mr. Madonna's appointment as principal accounting officer signifies a move to fill a key financial reporting role, leveraging his internal experience.