Under Eugene Lee Jr.'s leadership, revenues of Darden, the parent company of Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V's, increased by more than $2 billion and its market capitalization increased approximately threefold to nearly $20 billion
Darden Restaurants Elects Its CEO Eugene Lee As Chairman
Sonsteby will become the Board s Lead Independent Director.
Lee became chief executive officer and a member of the board of directors in 2015.
Additionally, Ricardo Cardenas has been named President and Chief Operating Officer. Cardenas has served as Darden s Chief Financial Officer since 2016.
Darden has appointed Rajesh Vennam as Chief Financial Officer. Vennam began his career at Darden in 2003 as a Sr. Business Analyst for Market Development. In 2013, 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.
Darden Serves Up Earnings Beat but Posts Disappointing Sales
Olive Garden, Darden s largest restaurant chain, reports disappointing sales.
Author:
Darden Restaurants (
DRI) - Get Report beat Wall Street s second-quarter earnings expectations but the owner of Olive Garden reported disappointing sales and guidance.
Shares of the Orlando, Fla.-based company were down 2.36% to $116 in premarket trading.
Darden reported net earnings of $96 million, or 73 cents a share, up from $24.7 million, or 20 cents a share, in the year-ago period. The FactSet consensus called for earnings of 71 cents a share.
Sales totaled $1.66 billion, down 19.4% from a year ago and missed Wall Street s call for $1.69 billion.