DOW JONES NEWSWIRES
Darden Restaurants Inc. (DRI) rotated leaders for four top
positions at its Red Lobster and Olive Garden restaurant chains
Monday.
The company, which also operates the LongHorn Steakhouse
franchise, said the moves "demonstrate the benefits of Darden's
long-term commitment to developing talent and its ability to
leverage its leaders' breadth to provide key roles with new energy
and insight."
At the end of May, Red Lobster President Kim Lopdrup will become
senior vice president of business development, overseeing Darden's
long-range growth plans.
Olive Garden President Dave Pickens will take up the president's
spot at Red Lobster, where he began his career 38 years ago.
Marketing Officer John Caron will become the Olive Garden
president.
Finally, J.J. Buettgen, currently the senior vice president of
business development, will become Darden's chief marketing
officer.
Chairman and Chief Executive Clarence Otis said that each of the
executives has made "a tremendous contribution in their current
roles" and that the company is delighted they've agreed to take on
new responsibilities.
Overall, Darden outperformed the industry in the weak economy by
skirting discounts in favor of menu promotions, but its lead over a
benchmark measurement of same-restaurant sales had been
narrowing.
In its latest quarterly results, earnings rose to beat its own
optimistic guidance, but a promotional misfire at Olive Garden hurt
that chain's same-store sales.
Darden shares were up a penny after hours at $50.19.
-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291;
joan.solsman@dowjones.com