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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-09-11 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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      "kind": "callout",
      "text": "Red Lobster’s frustrating results started to affect management’s compensation.",
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      "kind": "callout",
      "text": "Red Lobster's frustrating results started to affect management's compensation.",
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      "kind": "chart",
      "text": "Estimated Red Lobster EPS contribution",
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      "text": "Red Lobster sales 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%.(1)\nIn 2013, Darden’s total adjusted EPS actually declined 9.8% and sales grew 3.7%, both falling far short of management’s targets.(1)\nThis significant miss led to the CEO achieving a bonus award equal to only 13% of his bonus target.(2)\nRed Lobster was a key driver in management missing their 2013 bonus targets, with estimated EPS declining by 12.5% and sales declining by 1.7%.",
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      "text": "EPS growth: 12.5%",
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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: 11.7% (EPS), 9.8% (Sales). Actual: (9.8%) (EPS), 3.7% (Sales).",
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      "kind": "title",
      "text": "Red Lobster was a key driver in management missing their 2013 compensation targets",
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