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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-09-11 00:00:00",
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  "notes": "The slide uses a combination of a summary table and three time-series line charts to visualize the performance gap.",
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      "kind": "callout",
      "text": "300% underperformance over 5 years, and that was before the Red Lobster debacle",
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      "text": "Five-Year Stock Price Chart",
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      "text": "Share Price Performance: (296%)",
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      "kind": "source-note",
      "text": "Source: Capital IQ. Note: For each time period, excludes companies not publicly traded throughout that entire period. (1) As of March 14, 2014, adjusted for dividends. (2) Proxy Group consists of companies used in the Company's proxy statement to set executive compensation. (3) Includes EAT, BLMN, DIN, BWLD, TXRH, RT, RRGB, BBRG, CAKE, and DFRG.",
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      "kind": "table",
      "text": "Summary Returns table showing 1, 3, 5 year performance vs S&P 500, Russell 3000, Proxy Group, and Closest Direct Peers.",
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      "kind": "title",
      "text": "Darden's stock price has materially underperformed the broader equity markets, its Proxy Peer Group and its closest direct competitors over the last 1-, 3-, and 5-year periods.",
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      "kind": "title",
      "text": "Management and the Board have destroyed shareholder value...",
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      "evidence": "Comparing Darden performance against multiple benchmarks over time",
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      "evidence": "Darden's poor performance and governance issues are highlighted as the problem to be addressed.",
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      "name": "Cost Of Inaction",
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      "bestFor": "Urgent budget requests, compliance, risk mitigation",
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      "evidence": "The document emphasizes the consequences of not taking action to address Darden's underperformance.",
      "position": 0,
      "objective": "Highlighting the costs of inaction and the need for change at Darden",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
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