This past Monday Darden Restaurants Inc. stated that Clarence Otis Jr, chief executive and chairman of the casual-dining operator, would be stepping down from these two roles. Otis will continue to serve as chief executive until a successor is declared, or until the end of the year depending on which comes first to facilitate a smooth transition. Otis has served as the company’s chief executive for the past ten years and originally joined in 1995. Beginning November 2005 Otis also became chairman for the company.
Before becoming a part of the Darden team, Otis spent 11 years working as managing director and manager or public finance in investment banking for Chemical Securities Inc,. (currently known as JP Morgan Securities Inc.). During Otis’ time at the company it grew from 1.381 restaurants with $5.2 billion in annual sales to over 2,200 restaurants with over $8.7 billion sales by the end of the 2014 fiscal year. Otis states, ” I am confident that they, under the leadership of our board and management team, will continue to make progress on the actions we are taking to reinvigorate restaurant performance and further enhance shareholder value.”
The company will begin its search for Otis’ successor as chief executive officer considering both internal and external candidates. Darden is proud of the years he spent at Darden Restaurants Inc and is confident the company will continue to profit and have many successes in its future. To read more about Clarence Otis Jr stepping down as chief executive or Darden restaurants Inc, click here
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