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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2014-09-11 00:00:00",
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  "notes": "Uses a classic 'Problem vs. Solution' framing common in activist investor decks.",
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      "kind": "callout",
      "text": "We do not believe the current Board's proposed slate... has the operating record or shareholder-friendly mindset required to turn around Darden",
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      "kind": "callout",
      "text": "We do not believe the current Board’s proposed slate, which includes 4 incumbent directors who have overseen massive shareholder value destruction and appalling corporate governance practices, has the operating record or shareholder-friendly mindset required to turn around Darden",
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      "text": "Track record of destroying value; Margins are SIGNIFICANTLY below peers; Significant decreases in same-store-sales; Long history of abysmal corporate governance; Failed conglomerate model; Inefficient real estate structure; Unwillingness to franchise.",
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      "text": "#1 priority is unlocking long-term shareholder value; leadership and skill of our nominees; Strict operating and capital allocation discipline; Substantial company-wide margin improvements; Olive Garden turnaround; Real estate separation; Spin off of SRG; International expansion.",
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      "text": "Problems at Darden vs The answer",
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      "text": "Darden is in dire need of change – Darden has massively underperformed peers and destroyed shareholder value.",
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