This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Darden Restaurants Announces Leadership Changes; COO Drew Madsen To Retire

Stocks in this article: DRI

ORLANDO, Fla., Sept. 20, 2013 /PRNewswire/ -- Darden Restaurants, Inc. (NYSE: DRI) today announced that Drew Madsen, 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 Gene Lee, 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 Clarence Otis, 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 December 2004, Darden has grown to 2,155 restaurants, a 71% increase, $8.6 billion 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 Chuck Ledsinger, 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.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs