{
  "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": 77,
  "pageCount": 294,
  "prevPage": 76,
  "nextPage": 78,
  "slideType": "roadmap",
  "function": "propose_solution",
  "density": "overcrowded",
  "nDataPoints": 1,
  "notes": "The slide uses a 'precedent' argument to validate the proposed operational and structural changes for Darden.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bullet_list",
    "numbered_list",
    "callout_box",
    "logo_grid",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-c007c91e862b/77",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-c007c91e862b",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-c007c91e862b.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-c007c91e862b#slide-77",
  "components": [
    {
      "bbox": {
        "h": 0.07,
        "w": 0.94,
        "x": 0.03,
        "y": 0.82
      },
      "kind": "callout",
      "text": "Brinker's focus on operations and shareholder value has led to 550%+ total shareholder return",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b06d03a7-fc1c-48f1-bbd5-b74240d08022",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Brinker’s focus on operations and shareholder value has led to 550%+ total shareholder return",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5cf-7048-87e2-1ae8e8710344",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.04,
        "y": 0.21
      },
      "kind": "list",
      "text": "In the late 2000s, Brinker experienced many of the same challenges Darden faces today, such as declining same-store-sales, operational inefficiencies, bloated corporate costs, and a conglomerate structure.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "422dd654-a508-4017-9fb5-b5b707b95af1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.04,
        "y": 0.31
      },
      "kind": "list",
      "text": "Led in part by our nominee Chuck Sonsteby, who was CFO at the time, Brinker successfully transformed its business, becoming one of the leading casual dining companies today and creating a roadmap for Darden to follow.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8885217b-4d4f-4f60-bf9b-4a1f335a0833",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.9,
        "x": 0.04,
        "y": 0.41
      },
      "kind": "list",
      "text": "Brinker's transformation plan included the very same initiatives that we believe Darden needs today:",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a0943300-2dbe-4432-953d-ebbe80f98d7e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.85,
        "x": 0.08,
        "y": 0.48
      },
      "kind": "list",
      "text": "An operational improvement plan that included both company-wide cost reductions and a turnaround of its largest brand (Chili's). Divestiture of non-core “specialty” brands. Divestiture of company-owned real estate. A substantially expanded franchising program.",
      "attrs": null,
      "subkind": "numbered",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ac2ba2f1-fe19-48df-9f93-cce8ed1d15d5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "total shareholder return: 550%+",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5cf-7048-87e2-1f47698d53d5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.04,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "Brinker successfully turned itself around by focusing on many of the same issues Darden faces today.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "86ea8382-d036-4261-a949-d5d70209a2cd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.04,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: Company presentation and company filings.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b98df436-68a5-4c12-8deb-fca1e797b62a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.7,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "Brinker's value creation story provides a roadmap for Darden",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b4908e37-6472-42d8-acd2-1d3602de416b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Before-After-Bridge",
      "slug": "before-after-bridge",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "0bb376f3-2693-4bd7-89bc-d1f44b37ecd4",
      "evidence": "Brinker's transformation plan included the very same initiatives that we believe Darden needs today",
      "confidence": 0.5
    }
  ],
  "frameworks": [
    {
      "name": "argument-from-analogy",
      "slug": null,
      "matchId": "427cdefc-3321-456c-845c-a4216a6482f6",
      "evidence": "Uses Brinker's historical turnaround as a direct roadmap for Darden's current situation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}