• Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer
Monday, January 30, 2023
Midland County News Online
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
No Result
View All Result
Home Business

Darden Restaurants CEO To Retire In May; Insider Promoted – Voice Of Alexandria

darden-restaurants-ceo-to-retire-in-may;-insider-promoted-–-voice-of-alexandria
Share on FacebookShare on Twitter

ORLANDO, Fla. (AP) — The CEO of Darden Restaurants Inc., the owner of Olive Garden, LongHorn Steakhouse and other chains, will retire in May and be replaced by the company’s president and chief operating officer.

Gene Lee, 60, said Friday he will remain as board chairman after he steps down after seven years as CEO. He will be replaced by Rick Cardenas, a longtime Darden employee.

Lee is credited with successfully guiding Darden through the pandemic. In addition to Olive Garden, and LongHorn, the Orlando-based company also owns Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s. It has more than 1,850 locations, making it the nation’s largest full-service restaurant chain with annual sales in excess of $7 billion.

Restaurant analyst John Gordon told the Orlando Sentinel that Lee has been “extremely strong, steady hand that steadied the company.” He called Darden’s handling of the pandemic a “virtuoso performance.” The company established a paid sick-leave policy for its employees and provided emergency pay to employees who were furloughed when dining rooms closed.

“There was never any doubt about the survival of Darden,” Gordon said.

Cardenas, 53, started with the company as an hourly employee in 1984 and worked his way through the ranks. He became the chief financial officer in 2016 and became president and chief operating officer 11 months ago.

He said he does not expect to make any major changes in how the company operates.

“I really think the strategy that we have is the right strategy,” Cardenas told analysts and shareholders in a conference call Friday. “I don’t see a big change in our strategic priorities, partly because I was a big part of writing them.”

Lee did say the company will increase its minimum hourly wage from $10 to $12, including tips, starting next month and that most employees will make more. He said the average restaurant worker will make $20 an hour.

The $12-figure “is what I would call entry-level wage and more in rural America,” Lee said. “In the major cities, you’re not hiring anybody for $12 an hour today. This is an increase and a guarantee to our workforce that will probably have more impact on Cheddar’s than any of our other brands.”

For copyright information, check with the distributor of this item, Orlando Sentinel.

Midland County News Online

© 2021 Midland County News Online

Navigate Site

  • Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer

Follow Us

No Result
View All Result
  • Home
  • DMCA Policy
  • Medical Disclaimer
  • Privacy Policy
  • Disclosure
  • CCPA
  • Terms of Use

© 2021 Midland County News Online

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT