Episode 503:
BIGGER BANG FOR THE BUCK:
Bringing Value to Middle America
Featured Guest:
Clarence Otis, Jr., Chairman & CEO
Darden
Restaurants, Inc.
Mr. Otis' Video Clip
Clarence Otis, Jr. assumed the position of
Chief Executive
Officer of Darden Restaurants in November, 2004 and
added
the duties of Chairman in November, 2005. He is also
a
member of Darden's Board of Directors.
Otis, 50, has been with Darden for 11 years. During
his
tenure as president of Smokey Bones Barbeque & Grill
from
December 2002 to November 2004, Smokey Bones doubled
in size and achieved industry-leading guest satisfaction
survey scores.
Otis joined Darden as vice president and treasurer, and was soon named chief
financial officer. Otis steered the company's complex financing side through
strong earnings years and helped author the company's long-term financial
strategies and strategic framework, which incorporates Darden's core purpose,
values, vision, goals and strategies.
Darden Restaurants, Inc. is the largest publicly traded casual dining restaurant
company in the world, based on market share and revenues from company-owned restaurants.
They serve more than 300 million meals annually at 1,427 restaurants in 49 states
and Canada.
Red Lobster and Olive Garden, their flagship brands, are the market share leaders
in their casual dining segments. Each produced sales of $2.6 billion in fiscal
2006, making Darden the only casual dining restaurant company with two restaurant
brands of this scale. Their emerging brands are Bahama Breeze and Smokey Bones
Barbeque & Grill, and the newest concept, Seasons 52, is in the test phase.
Based in Orlando, Florida, Darden employs nearly 160,000 people, and the company
trades on the New York Stock Exchange under the symbol DRI.
Otis came to Darden from Chemical Securities, Inc. (now JP Morgan Securities,
Inc.), an investment banking firm, where he had been Managing Director and Manager
of Public Finance. He serves on the board of directors of VF Corp and Verizon.
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