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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2014-05-22 00:00:00",
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  "notes": "The slide uses a stacked bar chart to visualize the $6.1 billion spent on capex and acquisitions since 2005.",
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      "text": "In total, since Clarence Otis was named CEO in 2004, Darden has spent approximately $6.1 billion – or $46.50 per Darden share, nearly the entire market capitalization of Darden – on capital expenditures and acquisitions.",
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      "text": "Darden's historical capex spend and acquisitions",
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      "text": "Capital Expenditures and Acquisitions: $6.1 billion",
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      "kind": "paragraph",
      "text": "We believe that the Company's recent operating results demonstrate that management and the Board are not executing and lack the skill and understanding to turn around Darden's performance.",
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      "text": "Darden's record of capital allocation under the current Board is one of unchecked spending for top-line growth combined with abandonment of valuable assets that management does not have the skill to turn around.",
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      "text": "Transaction multiples based on the latest twelve month historical period, per CapitalIQ.",
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      "text": "Capital Allocation",
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