{
  "docId": "019dd923-622c-750b-8b9c-dad126beff94",
  "docSlug": "416ab93b6285",
  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-09-11 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 28,
  "pageCount": 294,
  "prevPage": 27,
  "nextPage": 29,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "Uses a 'past behavior' argument to discredit the incumbent board nominees.",
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  "slideHref": "/slides/019dd923-622c-750b-8b9c-dad126beff94/28",
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  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-dad126beff94#slide-28",
  "components": [
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      "kind": "callout",
      "text": "The best predictor of future behavior is past behavior...",
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      "kind": "list",
      "text": "The current Board members and management embody a “corporate-centric” culture and have forgotten the ways of Bill Darden and Joe Lee, true restaurant operators and leaders.",
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      "kind": "list",
      "text": "The Company’s actions, including the sale of Red Lobster, its lack of capital discipline, and its excessive spending on corporate luxuries, have jeopardized the safety of Darden’s investment grade rating and dividend.",
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      "kind": "list",
      "text": "The Board has failed to establish incentives that promote hard work and lead to management success and shareholder returns.",
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      "kind": "paragraph",
      "text": "As with any business, especially an operationally focused customer service business, success begins with great leaders. We believe Darden’s Board and its proposed slate are not equipped to lead Darden through Olive Garden’s revival.",
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      "kind": "source-note",
      "text": "Source: Company filings. (1) In fiscal 2014, Darden underperformed its Proxy Group by 19% and underperformed its Closest Direct Peers by 18%. (2) See slide 49.",
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      "kind": "title",
      "text": "How have Darden’s management team and Board members contributed to this massive underperformance?",
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  "metrics": [],
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  "frameworks": [
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      "matchId": "076df2ff-20e5-48f8-83b3-5e7e4741f4fa",
      "evidence": "The slide explicitly frames the board and management as the cause of underperformance.",
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      "arcName": "Overcoming the Monster",
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      "beatName": "The Monster",
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      "evidence": "Darden's poor performance and governance issues are highlighted as the problem to be addressed.",
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  "loops": [
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      "to": 40,
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      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "f45d49e8-da18-480d-8670-a3b41e398b66",
      "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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      "name": "Before After",
      "slug": "21-before-after",
      "bestFor": "Product demos, process improvements, ROI justification",
      "matchId": "12014863-4fb1-4ac6-a5ec-8052cc79a0dd",
      "evidence": "The document uses comparisons to peers to highlight Darden's underperformance.",
      "position": 1,
      "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",
      "confidence": 0.7,
      "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison"
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