Darden Restaurants has announced that Eugene Lee, Jr., its chairman and chief executive officer for the past seven years (pictured above), will retire effective May 29, 2022. He will continue to serve on the Orlando, Florida-headquartered company’s board of directors as executive chairman until Darden’s annual meeting of shareholders, as which time it is expected that he will stand for reelection to the board and continue to serve as chairman in a non-executive capacity.
Darden’s portfolio of restaurants includes Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s. Combined they employ approximately 170,000 people.
Under Lee’s leadership, the company’s revenues increased by more than $2 billion and market capitalization increased approximately three-fold to nearly $20 billion. At the same time, total shareholder returns were 1.5x the S&P 500 Index.
Stepping up to replace Lee as chief executive officer, as well as take a seat on the board, will be Ricardo “Rick” Cardenas, who is currently serving as Darden’s president and chief operating officer.
“The board and I are delighted that Rick will serve as Darden’s next ceo,” Lee said. “He has deep knowledge of our company and the industry, and has been a valued strategic thought partner to me and the senior management team. I am confident that he has the integrity, vision and leadership skills necessary to ensure Darden and its brands continue to successfully grow.”
Cardenas was named president and chief operating officer in January 2021. Previously, he had served as Darden’s chief financial officer since March 2016. Prior to that, he was senior vice president and chief strategy officer. Cardenas began his career with Darden as an hourly employee in 1984, before joining the restaurant support center team in 1992.
