{
  "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": 58,
  "pageCount": 294,
  "prevPage": 57,
  "nextPage": 59,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 11,
  "notes": "Uses a bar chart to illustrate the trend of Red Lobster same-store-sales and a callout to link the trend to management's incentives.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "bar_chart_vertical",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-c007c91e862b/58",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-c007c91e862b",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-c007c91e862b.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-c007c91e862b#slide-58",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.26,
        "x": 0.7,
        "y": 0.575
      },
      "kind": "callout",
      "text": "Red Lobster’s negative SSS would adversely weigh on management’s new compensation program",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1ce24fc5-b205-4077-b69d-fd365a9ffc8a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.94,
        "x": 0.03,
        "y": 0.53
      },
      "kind": "chart",
      "text": "Red Lobster same-store-sales",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "415dd513-de3d-4c8f-a689-61f3ac2d70e7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.94,
        "x": 0.03,
        "y": 0.15
      },
      "kind": "list",
      "text": "Due to pressure from activist shareholders... Darden made a reactionary announcement... to focus on free cash flow and same-store-sales (SSS).",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1f4ad3f0-0236-416a-b998-39af770dec5b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.94,
        "x": 0.03,
        "y": 0.3
      },
      "kind": "list",
      "text": "Darden updated its 2014 financial outlook to an expectation of an EPS decline... due largely to a meaningful downward adjustment in the forecast of same-restaurant sales results at Red Lobster.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "24b72e09-3d39-4342-bd25-8befce1b1f4b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.94,
        "x": 0.03,
        "y": 0.42
      },
      "kind": "list",
      "text": "Given Red Lobster’s negative same-store-sales trends, it was clearly no longer in the best interest of management... to retain Red Lobster.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6ce5283d-20a0-4eb1-8406-a88a3b94eb0d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "same-store-sales: -8.8%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5cf-7048-87e0-4d34d97f70ff",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.03,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Company filings and Wall Street equity research.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "26ffbef0-dae2-45d8-9623-4bae17abca59",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.94,
        "x": 0.03,
        "y": 0.04
      },
      "kind": "title",
      "text": "Recent changes to Darden’s compensation programs made owning Red Lobster unfavorable from management’s standpoint",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2f89166a-683c-48f6-b4d4-a1beb6868457",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "b48d6cfb-9cbb-487c-925f-1f11c5346d44",
      "evidence": "Contrasts management's stated compensation goals with the underlying performance of the asset (Red Lobster) to imply a conflict of interest.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}