8-KEarnings & ResultsLeadership ChangesExhibits & Filings

DARDEN RESTAURANTS INC 8-K Report, Financial Results (Mar 24, 2022)

Filed March 24, 2022For Securities:DRI

Summary

Darden Restaurants, Inc. (DRI) has filed an 8-K report on March 24, 2022, primarily to furnish its earnings release for the fiscal 2022 third quarter. The accompanying news release, dated March 24, 2022, provides details on the company's financial performance and outlook. Investors should note that this information is furnished and not deemed "filed" under Section 18 of the Exchange Act. Additionally, the report details new compensation arrangements for key executives transitioning into new roles. Ricardo Cardenas, set to become President and CEO on May 30, 2022, will have a base salary of $1,000,000, a target annual bonus of 150% of base salary, and a target annual equity grant valued at $5,000,000. Eugene I. Lee, Jr., transitioning to Executive Chairman, will receive a base salary of $650,000 effective May 30, 2022, but will not be eligible for annual bonuses or equity grants in his new capacity. He is expected to transition to a non-executive Chairman role in the future.

Key Highlights

  • 1Darden Restaurants (DRI) released its fiscal 2022 third-quarter results via an 8-K filing.
  • 2The filing includes a news release detailing financial performance and outlook for the quarter.
  • 3Ricardo Cardenas's new compensation as President and CEO (effective May 30, 2022) includes a $1M base salary, 150% target bonus, and $5M target equity grant.
  • 4Eugene I. Lee, Jr.'s compensation as Executive Chairman (effective May 30, 2022) is set at a $650,000 base salary.
  • 5Mr. Lee will not receive annual bonuses or equity grants in his Executive Chairman role.
  • 6The company announced its quarterly dividend and updated its fiscal 2022 outlook in the earnings release.
  • 7Information provided in Item 2.02, including Exhibit 99.1, is furnished and not considered 'filed' for certain regulatory purposes.

Frequently Asked Questions

This 8-K filing mainly furnishes Darden Restaurants' earnings release for the fiscal 2022 third quarter. The release contains details on the company's financial results, its updated fiscal 2022 outlook, and the declaration of a quarterly dividend. The specific financial figures would be found within the furnished Exhibit 99.1.

The report confirms Ricardo Cardenas will become President and CEO on May 30, 2022, with a new compensation package including a $1M base salary, 150% target annual bonus, and a $5M target annual equity grant. Eugene I. Lee, Jr. will transition to Executive Chairman on the same date, with a $650,000 base salary but without eligibility for annual bonuses or equity grants. Mr. Lee is expected to transition to a non-executive Chairman role later.

No, the information furnished under Item 2.02, including the earnings release (Exhibit 99.1), is not deemed 'filed' for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. It is also not incorporated by reference into other Securities Act filings unless expressly stated.

The declaration of a quarterly dividend indicates that the company is returning capital to its shareholders. The specific amount and payment date of the dividend would be detailed in the furnished earnings release (Exhibit 99.1).