Rivera To Leave
ORLANDO, Fla., Jan 06, 2004 /PRNewswire-FirstCall via Comtex/ -- Darden Restaurants, Inc. (NYSE: DRI) today announced that Dick Rivera has resigned from Darden to look at entrepreneurial opportunities in the industry. Rivera, who was President, Chief Operating Officer and a member of the company's Board of Directors, will remain with Darden in a consulting capacity, providing advice and counsel to the company on the organization transition and competitive environment, while continuing as a leader in industry organizations. Joe Lee, Chairman and CEO, will assume operating responsibilities for Darden and Red Lobster. The company expects to name a new Red Lobster president by the end of May.
"I have worked with both large and small organizations during the course of my career," said Rivera. "I'd like to look at some exciting startup opportunities as well as smaller companies with growth potential. Darden is a great organization and I've enjoyed my time there. I'm looking forward to my next opportunity."
"Darden is a uniquely successful casual dining restaurant company," said Lee. "We have two operating companies, Red Lobster and Olive Garden, that each generate over $2 billion in annual sales and a third, Smokey Bones, we believe can achieve similar success. We also believe that, with the changes we are making, Bahama Breeze will be a strong business. Dick has made many contributions to our company. He is an industry leader with a great passion for restaurants, and we wish him the very best."
Lee is a long-time leader in the casual dining industry, with more than 35 years' experience at Red Lobster and Darden. He was part of the opening team of the first Red Lobster in 1968 and has led the Darden organization throughout his career. During his tenure, Darden grew to be an industry leader in the casual dining segment.
"Darden has become a casual dining leader by responding effectively to challenges throughout our history," said Lee. "Today our primary challenge is restoring guest traffic increases and profitable sales growth at Red Lobster. I'm very confident because Red Lobster is a strong and trusted brand with excellent leaders who are committed to strengthening our performance and reaching our growth goals."
Darden Restaurants, Inc., headquartered in Orlando, FL, owns and operates over 1,300 Red Lobster, Olive Garden, Bahama Breeze, Smokey Bones, and Seasons 52 restaurants with annual sales of $4.7 billion.
Forward-looking statements in this news release, if any, are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Certain important factors could cause results to differ materially from those anticipated by the forward-looking statements, including the impact of changing economic or business conditions, the impact of competition, the availability of favorable credit and trade terms, the impact of changes in the cost or availability of food and real estate, government regulation, construction costs, weather conditions and other factors discussed from time to time in reports filed by the Company with the Securities and Exchange Commission.
SOURCE Darden Restaurants, Inc.
Analysts, Matthew Stroud, +1-407-245-6458, or Media, Jim
DeSimone, +1-407-245-4567, both of Darden Restaurants, Inc.
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