Darden Restaurants to Switch Up CEO

CEO Eugene I. Lee, Jr. to Retire; Board Elects Ricardo Cardenas as Successor; Lee to Continue as Executive Chairman.
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Darden Restaurants, Inc. announced that Eugene (Gene) I. Lee, Jr., Chairman and Chief Executive Officer, will retire as CEO effective May 29, 2022. Lee, 60, will continue to serve on Darden's Board of Directors as Executive Chairman until the 2022 Annual Meeting of Shareholders. At that time, Lee is expected to stand for re-election to the Board and continue to serve as Chairman in a non-executive capacity.

The Board has unanimously elected Ricardo (Rick) Cardenas, 53, Darden's current President and Chief Operating Officer, as Chief Executive Officer, as well as a member of the Board effective May 30, 2022.

During Lee's tenure, Darden's revenues increased by more than $2 billion and market capitalization increased approximately three-fold to nearly $20 billion. 

Cardenas was named President and Chief Operating Officer in January 2021. Previously, he served as Darden's Chief Financial Officer since March 2016. Prior to that, he served as Senior Vice President and Chief Strategy Officer. Cardenas began his career with Darden as an hourly team member in 1984, before joining the restaurant support center team in 1992.  

Darden's portfolio of differentiated brands include Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V's.

steak on the grill
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