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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-03-31 00:00:00",
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  "pageNumber": 79,
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  "notes": "The slide uses a callout box to explicitly label management's data selection as 'cherry-picked'.",
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      "kind": "callout",
      "text": "Darden's cherry-picked time period and cherry-picked peer group is the only glimpse of outperformance",
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      "text": "Below we show Darden's performance compared to all of the relevant peer groups over all of the relevant time periods. By almost any measure, Darden has underperformed substantially. Most notably, Darden has underperformed both its closest competitors and the group of companies it identifies as peers for purposes of setting executive compensation by approximately 300% over the last five years.",
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      "text": "Share Price Performance: 300%",
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      "text": "Even against Darden's cherry-picked peer group, the only period over which Darden actually outperformed is the one period management showed in its presentation, and even over that time period, Darden dramatically underperformed relative to a more appropriate peer group.",
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      "text": "Source: Capital IQ. Note: For each time period, excludes companies not publicly traded throughout that entire period. (1) As of March 14, 2014, adjusted for dividends; assumes start of Dec. 2004 – Clarence Otis' 1st full month as CEO. (2) Proxy Group consists of companies used in the Company's proxy statement to set executive compensation. (3) Includes EAT, BLMN, DIN, BWLD, TXRH, RT, RRGB, BBRG, CAKE, and DFRG. (4) Includes EAT, BLMN, RT, and CAKE.",
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      "text": "Share Price Performance table comparing Darden to S&P 500, Russell 3000, Proxy Group, Closest Direct Peers, and Peers from 3/3/14 presentation across 1, 3, 5 years and since CEO start.",
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      "kind": "title",
      "text": "Shareholders should be equally concerned by Darden's performance and management's attempt to mislead them regarding management's performance.",
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      "kind": "title",
      "text": "6 Management has misled shareholders regarding their own performance (cont'd)",
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