Darden Issues Statement On Starboard's Operational Plan - Quick Facts

(RTTNews) - Darden Restaurants Inc. (DRI) issued statement on the operational plan proposed by Starboard Value L.P. and its affiliates. The company said that it believes many of the brand and cost optimization strategies are already being implemented across the company and are showing results.

Commenting on the operational plan proposed by Starboard, Gene Lee, President and Chief Operating Officer of Darden said, "We remain open minded toward all ideas that support long-term value creation for our shareholders and improve the dining experience for our guests. While we will carefully and thoughtfully review Starboard's plan, which has been promised by Starboard for some time, upon initial review, we believe many of the brand and cost optimization strategies are already being implemented across our company and are showing results."

Lee said that the Olive Garden Brand Renaissance is well underway, and the improvements the company is seeing in guest satisfaction and traffic trends reinforce the company's confidence in Olive Garden's potential. In addition, the company's efforts to grow and develop LongHorn Steakhouse and the company's Specialty Restaurants are on track. As the firm evaluates the Starboard plan, the company will work to continue making strong progress across its brands for the benefit of all Darden stakeholders, including its employees.

Meanwhile, Darden recommended that shareholders vote ONLY on the BLUE proxy card "FOR ALL" of Darden's independent director nominees: Michael Barnes, Gregory Burns, Jeffrey Fox, Christopher Fraleigh, Stephen Odland, Michael Rose, Maria Sastre and Enrique Silva.