DARDEN RESTAURANTS, INC. (NYSE:DRI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
DARDEN RESTAURANTS, INC. (NYSE:DRI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Compensation Arrangements for Chief Financial Officer
On June 21, 2017, the Compensation Committee of the Board of Directors of the Company (the “Committee”) approved new compensation arrangements for Ricardo Cardenas, Senior Vice President and Chief Financial Officer of the Company. Mr. Cardenas’ base salary will be $625,000 effective July 31, 2017. Mr. Cardenas’ target annual bonus under the Company’s annual cash incentive program will be 90% of his annual base salary, effective for fiscal 2018. Mr. Cardenas’ new target annual equity grant under the Company’s long-term incentive program will have an aggregate value of $1,250,000.
Compensation Arrangements for President, Olive Garden and Executive Vice President, Darden Restaurants>
On June 21, 2017, the Committee approved new compensation arrangements for David C. George, President, Olive Garden and Executive Vice President, Darden Restaurants. Mr. George’s base salary will be $700,000 effective July 31, 2017. Mr. George’s target annual bonus under the Company’s annual cash incentive program remained unchanged for fiscal 2018. Mr. George’s new target annual equity grant under the Company’s long-term incentive program will have an aggregate value of $1,250,000.
Compensation Arrangements for President, LongHorn Steakhouse
On June 21, 2017, the Committee approved new compensation arrangements for Todd A. Burrowes, President, LongHorn Steakhouse. Mr. Burrowes’ base salary will be $560,000 effective July 31, 2017. Mr. Burrowes’ target annual bonus under the Company’s annual cash incentive program will be 85% of his annual base salary, effective for fiscal 2018. Mr. Burrowes’ new target annual equity grant under the Company’s long-term incentive program will have an aggregate value of $900,000.
Compensation Arrangements for Chief Executive Officer
On June 22, 2017, the Board of Directors of the Company (the “Board”) approved new compensation arrangements for Eugene I. Lee, Jr., President and Chief Executive Officer of the Company. Mr. Lee’s base salary remained unchanged. Mr. Lee’s target annual bonus under the Company’s annual cash incentive program will be 150% of his annual base salary effective for fiscal 2018. Mr. Lee’s new target annual equity grant under the Company’s long-term incentive program will have an aggregate value of $5,000,000. The Board also approved a special additional equity grant under the Company’s long-term incentive program with the following terms: Mr. Lee will receive a grant of performance stock units (“PSUs”) with an aggregate value of $7,500,000, vesting in three installments: 26.7% will vest on May 31, 2020, 33.3% will vest on May 30, 2021 and the remaining 40% will vest on May 29, 2022. The PSUs will pay out based upon achieving certain three-year, four-year and five-year adjusted EBITDA targets. The grant will be made on the second business day after the Company reports its fiscal 2017 financial results (the “Effective Date”). The number of PSUs granted will be determined based on the closing market price of the Company’s common shares on the New York Stock Exchange on the Effective Date.
About DARDEN RESTAURANTS, INC. (NYSE:DRI)
Darden Restaurants, Inc. is a full-service restaurant company. The Company owned and operated 1,536 restaurants through its subsidiaries in the United States and Canada, as of May 29, 2016. The Company’s segments include Olive Garden, LongHorn Steakhouse, Fine Dining (which includes The Capital Grille, and Eddie V’s Prime Seafood and Wildfish Seafood Grille (Eddie V’s)) and Other Business (which includes Yard House, Seasons 52, Bahama Breeze, consumer-packaged goods and franchise revenues). As of May 29, 2016, the Company also had 50 restaurants operated by independent third parties pursuant to area development and franchise agreements. Olive Garden’s menu includes a range of authentic Italian foods featuring fresh ingredients and a selection of imported Italian wines. LongHorn Steakhouse restaurants feature a range of menu items, including fresh steaks and chicken, as well as salmon, shrimp, ribs, pork chops, burgers and prime rib.
Darden Restaurants, Inc. is a full-service restaurant company. The Company owned and operated 1,536 restaurants through its subsidiaries in the United States and Canada, as of May 29, 2016. The Company’s segments include Olive Garden, LongHorn Steakhouse, Fine Dining (which includes The Capital Grille, and Eddie V’s Prime Seafood and Wildfish Seafood Grille (Eddie V’s)) and Other Business (which includes Yard House, Seasons 52, Bahama Breeze, consumer-packaged goods and franchise revenues). As of May 29, 2016, the Company also had 50 restaurants operated by independent third parties pursuant to area development and franchise agreements. Olive Garden’s menu includes a range of authentic Italian foods featuring fresh ingredients and a selection of imported Italian wines. LongHorn Steakhouse restaurants feature a range of menu items, including fresh steaks and chicken, as well as salmon, shrimp, ribs, pork chops, burgers and prime rib.
