ORLANDO, Fla., Dec. 18, 2020 /PRNewswire/ -- The Darden
Restaurants, Inc. (NYSE:DRI) Board of Directors has elected Chief
Executive Officer Eugene (Gene) I. Lee,
Jr. as Chairman of the Board, succeeding Charles (Chuck) M. Sonsteby, effective
January 4, 2021. Mr. Sonsteby will
become the Board's Lead Independent Director.
"At a time of unprecedented change in our industry, the Board
concluded that it is in the best interests of the Company to
combine the roles of Chairman and CEO in order to drive the most
efficient execution of its long-term strategy," said Sonsteby.
"Gene is an extraordinary leader with a passion for our business
and team members resulting from decades of restaurant operating
experience and successful executive leadership. He has delivered
significant value for shareholders and we believe this is the right
time for him to assume this role."
Mr. Lee became chief executive officer and a member of the board
of directors in 2015.
"I am honored to serve as the Chairman of the Board of
Directors. I want to thank Chuck for his leadership and mentorship
as Chairman. Strong independent leadership on the Board is
important and I am confident that as the Lead Independent Director,
Chuck will continue to provide strong leadership and oversight to
Darden," said Mr. Lee.
Additionally, Ricardo (Rick)
Cardenas has been named President and Chief Operating
Officer. Mr. Cardenas has served as Darden's Chief Financial
Officer since 2016.
Prior to being named CFO, Mr. Cardenas served as Senior Vice
President and Chief Strategy Officer. He began his career with
Darden as an hourly employee in 1984, before joining the restaurant
support center team in 1992 as an Auditor. From there he held
increasingly more responsible positions including Director of
Corporate Development, Director of Finance and Technology for
Seasons 52, Vice President of Finance and Assistant Controller for
Olive Garden, Senior Vice President of Finance and Controller for
LongHorn Steakhouse, Senior Vice President of Finance and
Controller for Red Lobster, and Executive Vice President of
Operations for LongHorn Steakhouse.
Finally, the Company has named Rajesh
(Raj) Vennam to the role of Chief Financial Officer. Mr.
Vennam began his career at Darden in 2003 as a Sr. Business Analyst
for Market Development. He went on to work as a Sr. Financial
Analyst in Investment Analysis, Olive Garden Marketing Analysis,
and Treasury; and eventually as a Manager of Treasury prior to
being promoted to Director of Financial Planning & Analysis for
LongHorn in 2010. In 2013, Mr. Vennam joined Red Lobster as a
Sr. Director and progressed to Senior Vice President of Financial
Planning & Analysis and Treasury. He returned to Darden in 2016
as Senior Vice President, Finance & Analytics, assuming
additional responsibilities as Treasurer in 2020.
"The organizational changes announced today reflect our
intention to provide Rick and Raj a diversity of experience while
creating growth opportunities for them. Rick has been a strong
partner over the past five years and this role will provide
him the opportunity to oversee new areas of the business while
broadening his influence across Darden," said Lee.
Lee continued, "Raj has done an exceptional job in his current
role at Darden. His promotion to CFO recognizes his significant
contributions and will allow him to broaden his responsibilities
while assuming a more strategic role across Darden."
These organizational changes will take effect on January 4, 2021.
About Darden
Darden is a restaurant company featuring a portfolio of
differentiated brands that include Olive Garden, LongHorn
Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital
Grille, Seasons 52, Bahama Breeze
and Eddie V's. For more information, please visit
www.darden.com.
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SOURCE Darden Restaurants, Inc.: General