{
  "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": 8,
  "pageCount": 294,
  "prevPage": 7,
  "nextPage": 9,
  "slideType": "propose_solution",
  "function": "propose_solution",
  "density": "overcrowded",
  "nDataPoints": 4,
  "notes": "Includes a disclaimer at the bottom regarding the implementation of the plan.",
  "elementsJson": [
    "headline_text",
    "numbered_list",
    "callout_box",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-c007c91e862b/8",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-c007c91e862b",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-c007c91e862b.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-c007c91e862b#slide-8",
  "components": [
    {
      "bbox": {
        "h": 0.25,
        "w": 0.25,
        "x": 0.72,
        "y": 0.31
      },
      "kind": "callout",
      "text": "We believe our plan can be achieved while not only maintaining the Company's investment grade rating and current dividend, but strengthening both",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "80b6225a-7cc2-4911-85cc-1d05e5cd1b7a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe our plan can be achieved while not only maintaining the Company’s investment grade rating and current dividend, but strengthening both",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee3d-779f-8250-4570a3100e78",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.78,
        "x": 0.04,
        "y": 0.91
      },
      "kind": "disclaimer",
      "text": "Note: If a majority of our nominees our elected to the Board, we would expect that our turnaround plan will be implemented. While our turnaround plan has been carefully devised with the assistance of a group of advisors, together with our nominees, with an eye towards improving the Company's operations and enhancing shareholder value, there can be no guarantee that that the turnaround plan will ultimately create value for shareholders.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "70a20b31-891f-422f-b889-33289beb47ae",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.92,
        "x": 0.04,
        "y": 0.22
      },
      "kind": "list",
      "text": "1. A comprehensive operational improvement plan that includes: i. A company-wide margin improvement plan that we believe will increase EBITDA by $215 - $326 million per year while improving the guest experience. ii. A turnaround of the Olive Garden concept. 2. A value enhancing strategy for Darden's real estate assets. 3. A separation of concepts into the most logical groupings. 4. A franchising program designed to accelerate growth both internationally and domestically and substantially improve returns on capital.",
      "attrs": null,
      "subkind": "numbered",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f574a927-1ca4-47bc-921a-58b46a31390e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "share price: $67 - $86",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee3d-779f-8250-4a14627f59eb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.78
      },
      "kind": "paragraph",
      "text": "With great leaders and successful execution of the operational and strategic initiatives we have identified, our analysis set forth later in this presentation indicates the Company could be worth $67 - $86 per share before factoring in the impact of an Olive Garden turnaround or franchising",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "17f6666d-548c-4a94-9a6e-274bdca1e1b4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.45,
        "x": 0.04,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "We believe we have the right plan to transform Darden.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2787b5a1-c338-4bc6-a1ab-b2e6e9f83d6b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.68,
        "x": 0.04,
        "y": 0.07
      },
      "kind": "title",
      "text": "We have the right plan to transform Darden",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f5e50cde-817f-474d-8bc6-e5330458dc73",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 10,
      "from": 8,
      "beatId": "3a2d2974-2807-4441-a3fd-c4e67084b6c3",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Propose Solution",
      "beatSlug": null,
      "evidence": "The document presents Starboard's plan to transform Darden, including specific opportunities to increase EBITDA.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}