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Clarence Otis

Activist Calls on Darden to Launch CEO Search

Activist investor Barington Capital fired off a letter to Darden Restaurants (NYSE:DRI) on Wednesday calling on the struggling owner of Olive Garden to search for a new CEO and appoint an independent chairman.Barington also threw its weight behind Starboard Value's efforts for a shareholder vote on the company's planned separation of Red Lobster.The latest letter highlights the increased pressure on Darden and CEO Clarence Otis from activist investors disappointed by management's strategy and the restaurant giant's flatlining share price."While we are patient, long-term investors, we are deeply concerned by the rapidly deteriorating financial performance of Darden under the leadership of Mr. Otis," Barington CEO James Mitarotonda wrote in the letter addressed to Darden's independent directors. "The status quo at Darden is unacceptable."Barington said it believes Darden's shares are "significantly undervalued" and would be worth "substantially more" if Otis was a more "effective steward...

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    Darden Restaurants Inc. (DRI) cut its full-year guidance and projected weak fiscal third-quarter results, as the restaurant operator said its customers were getting ...

  2. Darden Cuts Guidance Amid Higher Taxes and Gas Prices

    Darden (NYSE:DRI) dampened third-quarter and full-year expectations on Friday citing higher gas prices and payroll taxes are weighing on customers. The Olive Garden ...

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  4. Darden Cuts Year View As Promotions Fail

    Darden Restaurants Inc. (DRI) offered a weak view for its fiscal second quarter and cut its guidance for the year, saying its promotions didn't resonate well amid in...

  5. Darden Dives 10% on 2Q Warning, Bleak Outlook

    Shares of Darden Restaurants (NYSE:DRI) tumbled 10% Tuesday after the parent of Red Lobster and the Olive Garden warned its fiscal second-quarter earnings will badly...

  6. The 12 Companies Paying Americans the Least

    The gap between rich and poor is well illustrated by the large multi-billion dollar corporations employing thousands of low-wage workers. With the Great Recession ov...

  7. Darden Beats the Street, Affirms Full-Year View

    Olive Garden parent Darden (NYSE:DRI) posted a stronger-than-expected first-quarter profit on Friday and said it plans to open another 110 restaurants in 2013.The op...

  8. Darden's 4Q Sales, Outlook Disappoint

    Darden Restaurants (NYSE:DRI) logged an in-line 10% rise in fiscal fourth quarter earnings on Friday thanks to improvements at Olive Garden, but the restaurant opera...

  9. Darden's 4Q Net Jumps 8.5% as Olive Garden Stabilizes

    Lifted by signs of life at its struggling Olive Garden restaurants and warm weather, Darden Restaurants (NYSE:DRI) narrowly beat the Street on Friday with an 8.5% ju...

  10. Technology Revamp On Order At Olive Garden, Red Lobster Chains

    Olive Garden and Red Lobster are getting a technology makeover, as parent company Darden Restaurants Inc. (DRI) fights to stay relevant with younger guests and its o...

  11. Darden Restaurants Projects Strong 3Q Earnings

    Darden Restaurants (NYSE:DRI) said Thursday that it projects earnings for the fiscal third quarter of $1.23 to $1.25 a share, better than the $1.19 that Wall Street ...

  12. Slumping Olive Garden Sinks Darden's 2Q

    Darden Restaurants (NYSE:DRI) disclosed on Friday an in-line 28% drop-off in fiscal second-quarter profits due to deteriorating sales at its Olive Garden restaurants...

  1. Darden Restaurants Says Severe Winter Hurt Sales

    Red Lobster and Olive Garden owner Darden Restaurants (NYSE:DRI) projected below-consensus quarterly earnings on Monday due to severe winter weather and restructurin...

  2. Under Pressure, Darden to Jettison Ailing Red Lobster

    Caving to activist shareholder pressure , Darden Restaurants (NYSE:DRI) unveiled plans on Thursday to spin off or sell its Red Lobster chain as quarterly profits tum...

  3. Activist Turns Up the Heat on Olive Garden Owner

    Activist investor Barington Capital issued a new report on Tuesday arguing Darden Restaurants (NYSE:DRI) could be worth up to $80 a share if the Olive Garden parent ...

  4. Olive Garden Parent Faces Break-Up Pressure

    Darden Restaurants (NYSE:DRI), the owner of Olive Garden and Red Lobster, said on Wednesday it will "thoroughly evaluate" proposals from shareholder Barington Capita...

  5. Darden Suffers 37% Profit Slump

    Olive Garden parent Darden (NYSE:DRI) disclosed on Friday a deeper-than-feared 37% profit drop, a new cost-cutting plan and the retirement of chief operating officer...

  6. Darden Cooks Up Better-than-Expected Sales

    Hurt by higher costs, Darden Restaurants (NYSE:DRI) disclosed a deeper-than-expected 12% drop in fiscal fourth-quarter profits on Friday, although the parent of Oliv...

  7. Darden Expects 2014 EPS To Fall 3% To 5%

    Darden Restaurants Inc. reported its fourth-quarter profit fell to $133.2 million, or $1.01 a share, from $151.2 million, or $1.15 a share, a year earlier. Revenue r...

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