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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2014-09-11 00:00:00",
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  "notes": "Uses a classic activist 'expose contradiction' structure, contrasting company claims (continuity/experience) with specific historical failures (Red Lobster/Smokey Bones, related party transactions).",
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      "text": "Given their track records, we have many concerns with the incumbent nominees representing the best interests of shareholders",
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      "text": "Darden argues that their incumbent nominees will have the “track record”, “experience”, and “fresh perspectives” to “enhance shareholder value”. In actuality, the incumbent directors include two of the most tenured members: Michael Rose and Maria Sastre.",
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      "text": "The board’s arguments for continuity are misguided and hypocritical. Although we agree with the concept of continuity, we do not agree with electing directors who have overseen massive shareholder value destruction.",
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      "text": "In addition, Darden paid $1 million in FY 2014 to Board member and nominee Maria Sastre's private aircraft support company, Signature Flight Corporation, a large and unnecessary related party transaction.",
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      "text": "Both of these directors oversaw years of terrible performance and poor capital allocation, including massive investments in Red Lobster and Smokey Bones, only to sell the concepts at what we believe to be rock bottom prices.",
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      "text": "All 4 of the incumbent nominees voted in favor of signing a binding contract to sell Red Lobster without holding the requested Special Meeting.",
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      "text": "(1) Company filings.",
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      "text": "We believe Darden’s proposed Board is suboptimal and not in the best interest of shareholders (cont’d)",
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