Sept. 20, 2013
/PRNewswire/ -- Darden Restaurants, Inc. (NYSE: DRI) today announced that
, Darden's President and Chief Operating Officer, has decided to retire from Darden at the end of the company's fiscal second quarter. He will be succeeded, effective immediately, by
, who currently serves as the President of Darden's Specialty Restaurant Group. Until his retirement, Madsen will work with Lee and the rest of the Darden leadership team to ensure a seamless transition.
"Drew has been an integral part of Darden's leadership team since he joined us as Executive Vice President of Marketing of Olive Garden in 1998. And during the nine years since we both assumed our current leadership roles, he has been a valuable partner in leading the company to unprecedented growth and success," said
, Chairman and CEO. "While we respect and understand Drew's decision to retire, he will be sincerely missed as a colleague and friend. Everyone at Darden joins me in wishing Drew and his family the best," Otis added.
During Madsen's six and a half year tenure as Executive Vice President of Marketing and then President of Olive Garden, the brand achieved 26 consecutive quarters of profitable same restaurant sales growth and record margins. Since he became COO in
, Darden has grown to 2,155 restaurants, a 71% increase,
in annual revenues, a 79% increase, earnings per share have doubled and the company has delivered a total shareholder return of more than 110%. In addition, during Madsen's tenure employee engagement at Darden achieved unprecedented levels and the company was named one of Fortune's 100 Best Places to Work for three consecutive years.
Madsen, who was also a member of the Darden Board of Directors, has stepped down from the Board as well. "Drew was an outstanding member of the Board and we have valued his thoughtful contributions over the years," said
, Lead Director of the Darden Board. "He has been a strong leader when it comes to helping the organization both establish and successfully execute against sound strategic direction," Ledsinger added.
"I am profoundly grateful for the opportunity to participate in the success of Darden. After nine years as President and COO, I have been contemplating what comes next and I leave the company with fond memories, great friends, and optimism for the company's future," Madsen commented. "I'm looking forward to the next phase of my career," he added.