8-KLeadership ChangesExhibits & Filings

DARDEN RESTAURANTS INC 8-K Report, Executive Changes (Jan 22, 2018)

Filed January 22, 2018For Securities:DRI

Summary

Darden Restaurants, Inc. (DRI) announced a significant leadership change on January 22, 2018, with the immediate appointment of David C. George as Executive Vice President and Chief Operating Officer. Mr. George has a deep and extensive history within Darden and its acquired brands, most recently serving as President of Olive Garden and Executive Vice President of Darden Restaurants since March 2016. His prior roles include leading Olive Garden and LongHorn Steakhouse, demonstrating a comprehensive understanding of the company's core operations. Alongside his new role, Mr. George's compensation has been updated to reflect his expanded responsibilities. His base salary will be $725,000, and his target annual equity grant under the long-term incentive program will be valued at $1,500,000. His participation in the annual cash incentive program remains unchanged. This appointment and the associated compensation adjustments underscore the company's commitment to leveraging internal talent for key executive positions and rewarding leadership that has a proven track record.

Key Highlights

  • 1David C. George appointed Executive Vice President and Chief Operating Officer, effective immediately.
  • 2Mr. George brings extensive experience, having previously led Olive Garden and LongHorn Steakhouse.
  • 3His new base salary is set at $725,000, effective January 22, 2018.
  • 4Target annual equity grant for long-term incentives is valued at $1,500,000.
  • 5Mr. George's annual cash incentive program participation remains unchanged.
  • 6The appointment is detailed further in a company news release filed as an exhibit.

Frequently Asked Questions

David C. George has been appointed as the Executive Vice President and Chief Operating Officer, effective immediately on January 22, 2018.

Mr. George has a long history with Darden and its brands, including serving as President of Olive Garden, Executive Vice President of Darden Restaurants, and previously leading LongHorn Steakhouse. His tenure dates back to RARE Hospitality International, Inc. acquisition.

Effective January 22, 2018, Mr. George's base salary is $725,000. His target annual equity grant under the long-term incentive program is $1,500,000, while his target annual bonus under the cash incentive program remains unchanged.

Additional details regarding Mr. George's appointment and compensation are available in Darden Restaurants' news release dated January 22, 2018, filed as Exhibit 99.1 to this Form 8-K.