[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-263526-105":53,"doc-detail-263526-en":126},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":119,"head_meta":121,"extra_data":123,"updated_unix":125},105,"en","transforming-darden-restaurants-september-11-2014","Transforming Darden Restaurants - September 11, 2014","","Starboard Value LP outlines an investment overview for Darden Restaurants, emphasizing value unlocking in an underperforming company through a clear “Value, Plan, and Path” discipline. The strategy centers on constructive engagement with management and the board, including potential board reconstitution when shareholder interests are not served. The plan highlights operational improvement, real estate value enhancement, brand and guest experience upgrades for Olive Garden, margin and cost initiatives across functions, and execution via a 100-day roadmap for sustained margin and returns-on-capital improvement.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":11,"@type":70,"position":76},"https://docshare.wps.com/template/presentations/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/transforming-darden-restaurants-september-11-2014/263526/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/transforming-darden-restaurants-september-11-2014/263526.png","ImageObject",442,249,{"name":88,"@type":89},"Mia  ","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-11-07","2026-09-14",true,{"@type":98,"interactionType":99,"userInteractionCount":15},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"What value-creation framework does Starboard use for its investments in Darden?","Question",{"text":108,"@type":109},"Starboard follows a “Value, Plan, and Path” discipline, developing an alternative plan with input from industry executives, consultants, and other stakeholders. 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Executive summary 3  \nII. Real change is required at Darden 24  \nIII. It’s all about the people 60  \nIV. Brinker’s value creation story provides a 76  \nroadmap for Darden  \nV. Company-wide margin improvement 89  \nopportunity  \nA. Corporate G&A 93  \nB. Food costs, food waste, and procurement 101  \nC. Labor 113  \nD. Facilities 126  \nE. Advertising and marketing 129  \nF. Alcoholic beverage 141  \nG. Table-turns 150  \nH. Summary 155  \nVI. Olive Garden 159  \nA. Darden’s largest brand is in desperate 159  \nneed of a turnaround  \nB. Olive Garden’s first turnaround (1994 – 2002) 178  \nC. Olive Garden turnaround plan 192  \nVII. Updated real estate valuation 217  \nVIII.Spin-off of Specialty Restaurant Group 230  \nIX. Franchising 237  \nA. International 239  \nB. Domestic 248  \nX. 100-day plan 259  \nXI. Structuring considerations 270  \nXII. Conclusion 285  \nAppendix: Analyst and investor sentiment 290  \nI. Executive summary  \nOverview of Starboard Value LP  \nSince 2002, Starboard Value LP (“Starboard”) has focused on unlocking value in underperforming companies for the benefit of all shareholders. Today, the firm manages more than $3.0 billion with a proven track record of investment success.  \n􀂄 Starboard's approach focuses on its discipline of \"Value, Plan, and Path\" .  \n– Working with industry executives, consultants, customers, partners, competitors, and other advisors, Starboard develops an alternative plan to create value in each of its investments. This investment process requires a deep fundamental understanding of a company’s businesses, end markets, and competitive positioning.  \n􀂄 In each of its investments, Starboard seeks to engage in constructive discussions with management regarding corporate strategy and their vision for the future. It is always our preference to work with management and the board. However, in circumstances where it becomes clear that management and the board are not acting in the best interest of all shareholders, we are prepared to take the necessary action to reconstitute the board with individuals that have the appropriate skill sets and experience to best oversee the company.  \n􀂄 Over the past twelve years, Starboard has added or replaced approximately 119 corporate directors on approximately  \n43 corporate boards.(1)  \n– We understand the requirements of public board service and how to be effective in the boardroom while remaining professional and constructive.  \n􀂄 Although it is difficult to quantify the direct impact of change in board composition on stock price performance, in our experience it has had a material positive impact. According to 13D Monitor, a leading independent research provider on shareholder activism:  \n– “Starboard’s average return on a 13Dfiling is 26.4%(versus an average of 9. 7% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been  \n34.5% versus 14.8% for the S&P500.”(2)  \n(1) Includes investments that Starboard's investment team managed while at Starboard's predecessor, Ramius Value and Opportunity Master Fund, Ltd.  \n(2) Statistics from 13D Monitor as of August 27, 2014. Past performance is not indicative of future results and no representation is being made herein that any investment will or is likely to achieve returns in line with historical data.  \nWe invested in Darden because of the substantial opportunity to unlock value with the right plan and right leadership  \nWe believe Darden Restaurants, Inc. (“Darden” or the “Company”) is extremely undervalued.  \n\n| \u003Cbr>Why Darden is compelling\u003Cbr>􀂄 Great brands.\u003Cbr>􀂄 Valuable assets.\u003Cbr>􀂄 Tremendous opportunity to improve operating performance.\u003Cbr>􀂄 Opportunity to improve returns-on-capital.\u003Cbr>Our plan 1 A comprehensive operational improvement plan.\u003Cbr>2 A valu","cbCainyySvo96QXc","https://ap.wps.com/l/cbCainyySvo96QXc","pdf",7423772,294,"English","# Executive summary\n## Overview of Starboard Value LP\n# Real change is required at Darden\n# It’s all about the people\n# Brinker’s value creation story provides a roadmap for Darden\n# Company-wide margin improvement opportunity\n## Corporate G&A\n## Food costs, food waste, and procurement\n## Labor\n## Facilities\n## Advertising and marketing\n## Alcoholic beverage\n## Table-turns\n## Summary\n# Olive Garden\n## Darden’s largest brand is in desperate need of a turnaround\n## Olive Garden’s first turnaround (1994–2002)\n## Olive Garden turnaround plan\n# Updated real estate valuation\n# Spin-off of Specialty Restaurant Group\n# Franchising\n## International\n## Domestic\n# 100-day plan\n# Structuring considerations\n# Conclusion\n# Appendix: Analyst and investor sentiment","[{\"question\":\"What value-creation framework does Starboard use for its investments in Darden?\",\"answer\":\"Starboard follows a “Value, Plan, and Path” discipline, developing an alternative plan with input from industry executives, consultants, and other stakeholders. It also stresses constructive engagement with management and the board.\"},{\"question\":\"How does Starboard plan to change leadership and governance at Darden?\",\"answer\":\"The priorities include infusing a major upgrade in Darden’s leadership, improving the Board of Directors, appointing a transformational CEO, and aligning incentives with shareholders. The firm also indicates readiness to reconstitute the board if necessary.\"},{\"question\":\"What are the core components of Darden’s operational improvement strategy?\",\"answer\":\"The plan covers comprehensive operational improvement, a value-enhancing real estate strategy, grouping concepts logically, and a franchising program to accelerate growth internationally and domestically. It also targets margin improvement through initiatives across corporate functions and specific cost drivers.\"}]","Transforming Darden Restaurants - September 11, 2014 | PDF",1789371844,103]