{ "docId": "019dd923-622b-71dc-a6d9-c007c91e862b", "docSlug": "28a425ed69eb", "documentTitle": "Darden Restaurants, Inc. (DRI)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-09-11 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 4, "pageCount": 294, "prevPage": 3, "nextPage": 5, "slideType": "executive_summary", "function": "summarize", "density": "overcrowded", "nDataPoints": 4, "notes": "The slide outlines the firm's 'Value, Plan, and Path' approach and highlights their track record of board reconstitution and associated investment returns.", "elementsJson": [ "headline_text", "paragraph", "bullet_list", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-c007c91e862b/4", "deckHref": "/decks/019dd923-622b-71dc-a6d9-c007c91e862b", "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-c007c91e862b.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-c007c91e862b#slide-4", "components": [ { "bbox": null, "kind": "callout", "text": "Starboard's average return on a 13D filing is 26.4% (versus an average of 9.7% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 34.5% versus 14.8% for the S&P500.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-ee3d-779f-824f-e428df0d9a41", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.92, "x": 0.04, "y": 0.25 }, "kind": "list", "text": "Starboard's approach focuses on its discipline of \"Value, Plan, and Path\". Working with industry executives, consultants, customers, partners, competitors, and other advisors, Starboard develops an alternative plan to create value in each of its investments.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "486158ad-2fe0-4b2e-a51f-bc57bc61b65c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.92, "x": 0.04, "y": 0.7 }, "kind": "list", "text": "Although it is difficult to quantify the direct impact of change in board composition on stock price performance, in our experience it has had a material positive impact. Starboard's average return on a 13D filing is 26.4% (versus 9.7% for S&P500). With a board seat, average 13D return has been 34.5% versus 14.8% for S&P500.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9a89a6bd-a22a-4745-95ea-6bd78550b33d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.92, "x": 0.04, "y": 0.41 }, "kind": "list", "text": "In each of its investments, Starboard seeks to engage in constructive discussions with management regarding corporate strategy and their vision for the future. We are prepared to take the necessary action to reconstitute the board.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c6116226-c5ac-4e7e-8444-ad5358b4f44c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.58 }, "kind": "list", "text": "Over the past twelve years, Starboard has added or replaced approximately 119 corporate directors on approximately 43 corporate boards.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "dda49dd4-47b9-4bd8-8c85-80789dd99084", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "average return on a 13D filing: 34.5%", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd952-ee3d-779f-824f-ef7bce536073", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.15 }, "kind": "paragraph", "text": "Since 2002, Starboard Value LP (“Starboard”) has focused on unlocking value in underperforming companies for the benefit of all shareholders. Today, the firm manages more than $3.0 billion with a proven track record of investment success.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b193519a-5566-49ee-b0ef-e67f0987cedd", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "Starboard's average return on a 13D filing is 26.4% (versus an average of 9.7% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 34.5% versus 14.8% for the S&P500. — 13D Monitor", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd952-ee3d-779f-824f-e8033a9208ab", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.95 }, "kind": "source-note", "text": "(1) Includes investments that Starboard's investment team managed while at Starboard's predecessor, Ramius Value and Opportunity Master Fund, Ltd. (2) Statistics from 13D Monitor as of August 27, 2014.", "attrs": { "numbered": true }, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "eac4b0fb-d229-4f31-9e11-064fb1ad5d8e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.04, "y": 0.07 }, "kind": "title", "text": "Overview of Starboard Value LP", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "620833a6-f462-46b7-83da-93d49a4bc326", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }