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  "docSlug": "416ab93b6285",
  "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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  "pageNumber": 27,
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  "nDataPoints": 5,
  "notes": "The slide uses a specific time window (May 15, 2014 – July 27, 2014) to isolate the market reaction to the Red Lobster sale.",
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      "kind": "callout",
      "text": "We believe the sell-off in Darden's stock since the announcement of the Red Lobster Sale represents a destruction of >$1 billion in total shareholder value compared to peers(1)",
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      "kind": "callout",
      "text": "We believe the sell-off in Darden’s stock since the announcement of the Red Lobster Sale represents a destruction of >$1 billion in total shareholder value compared to peers(1)",
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      "text": "Darden's performance since the Red Lobster Sale",
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      "kind": "metric",
      "text": "total shareholder return: -10.8%",
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      "kind": "paragraph",
      "text": "In the two months between the announcement of the Red Lobster Sale and the announcement of Mr. Otis' retirement, Darden underperformed the S&P 500, the RUSSELL 3000 Restaurants Industry, its proxy group, and its closest direct peers – all by ~15%.",
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      "kind": "source-note",
      "text": "Source: Capital IQ. As of July 27, 2014, adjusted for dividends. Proxy Group consists of companies used in the Company's proxy statement to set executive compensation. Closest Direct Peers includes EAT, BLMN, DIN, BWLD, TXRH, RT, RRGB, BBRG, CAKE, and DFRG. (1) As explained in our letter to the Board dated July 15, 2014.",
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      "kind": "title",
      "text": "...and especially in the two months following the Red Lobster Sale",
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      "evidence": "The document uses comparisons to peers to highlight Darden's underperformance.",
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      "objective": "Illustrating the stark contrast between Darden's performance and that of its peers",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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