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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2014-03-31 00:00:00",
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  "notes": "Uses a combination of a comparison table and two bar charts to illustrate the performance gap.",
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      "text": "Red Lobster's frustrating results started to affect management's compensation.",
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      "text": "Red Lobster sales contribution",
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      "text": "Estimated Red Lobster EPS contribution",
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      "text": "For 2013, Darden's board set senior management's annual bonus target to be largely based on diluted net EPS growth of 11.7% and net sales growth of 9.8%. In 2013, Darden's total adjusted EPS actually declined 9.8% and sales grew 3.7%.",
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      "text": "EPS growth: 11.7%",
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      "text": "Source: Company filings. Note: EPS calculated from Red Lobster net income as reported in Form 10. (1) Represents diluted net EPS and net sales as adjusted by Darden as disclosed in its 2013 proxy statement. (2) Given the magnitude of Darden's shortfall to its earnings and sales targets for the fiscal year, the CEO elected to forego his MIP bonus for fiscal year 2013.",
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      "text": "Target vs Actual for Adj. EPS and Sales",
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      "text": "Red Lobster was a key driver in management missing its 2013 compensation targets",
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