8-KLeadership ChangesExhibits & Filings

DARDEN RESTAURANTS INC 8-K Report, Executive Changes (Dec 17, 2021)

Filed December 17, 2021For Securities:DRI

Summary

Darden Restaurants, Inc. (DRI) announced a significant leadership transition through an 8-K filing on December 17, 2021. Effective May 29, 2022, current CEO Eugene I. Lee, Jr. will retire from his CEO role but will remain as Executive Chairman until the 2022 Annual Meeting of Shareholders, after which he is expected to transition to a non-executive Chairman role. This transition signals a long-term succession plan that aims for continuity and leverages deep internal expertise. The Board of Directors has appointed Ricardo Cardenas, currently President and Chief Operating Officer, to succeed Mr. Lee as President and CEO, effective May 30, 2022. Mr. Cardenas possesses extensive experience within Darden, having held various senior leadership positions across finance, strategy, and operations since initially joining the company in 1984. His appointment reflects a focus on operational continuity and a proven track record within the organization. Additionally, Mr. Cardenas has been elected to the Board of Directors, effective the same date, further integrating his leadership into the company's governance.

Key Highlights

  • 1Eugene I. Lee, Jr. to retire as CEO on May 29, 2022, transitioning to Executive Chairman until the 2022 Annual Meeting, then potentially non-executive Chairman.
  • 2Ricardo Cardenas, current President and COO, appointed as the new President and CEO, effective May 30, 2022.
  • 3Mr. Cardenas has a long tenure with Darden, starting in 1984 and holding various leadership roles, including CFO and COO.
  • 4Mr. Cardenas has been elected to the Board of Directors, effective May 30, 2022.
  • 5The Board of Directors size will increase to nine to accommodate Mr. Cardenas' election.
  • 6This announcement is accompanied by a news release dated December 17, 2021, providing further details on the CEO transition.

Frequently Asked Questions

The primary reason for this 8-K filing is to announce a planned leadership transition at Darden Restaurants, Inc., specifically the retirement of CEO Eugene I. Lee, Jr. and the appointment of Ricardo Cardenas as the new CEO.

Eugene Lee will continue to serve as Executive Chairman of the Board until Darden's 2022 Annual Meeting of Shareholders. Following that, he is expected to stand for re-election to the Board and continue as Chairman of the Board in a non-executive capacity.

Ricardo Cardenas has a deep and extensive history with Darden, having joined in 1984. He has held numerous senior positions, including Senior Vice President and Chief Financial Officer, Chief Strategy Officer, and most recently, President and Chief Operating Officer since January 2021. His long tenure and diverse operational and financial experience are seen as key strengths.

Yes, effective May 30, 2022, Ricardo Cardenas has been elected to the Board of Directors. This appointment will coincide with the increase in the total number of directors on the Board to nine.