Highlights
Otis serves as chairman and chief executive officer of Orlando-based Darden Restaurants, which operates the Red Lobster and Olive Garden chains. Otis took over from long-time Darden CEO Joe Lee in November 2004. Since then, he has overseen the expansion of Darden's Olive Garden chain, changes at Red Lobster and the $1.4 billion purchase in August 2007 of Rare Hospitality International, which operates the Longhorn Steakhouse and Capital Grille restaurant chains. Under Otis' watch, Darden has also moved away from developing new restaurant concepts, selling its struggling barbecue chain called Smokey Bones Barbeque & Grill in November 2007. Before becoming chief executive, Otis served as presid...
Otis serves as chairman and chief executive officer of Orlando-based Darden Restaurants, which operates the Red Lobster and Olive Garden chains. Otis took over from long-time Darden CEO Joe Lee in November 2004. Since then, he has overseen the expansion of Darden's Olive Garden chain, changes at Red Lobster and the $1.4 billion purchase in August 2007 of Rare Hospitality International, which operates the Longhorn Steakhouse and Capital Grille restaurant chains. Under Otis' watch, Darden has also moved away from developing new restaurant concepts, selling its struggling barbecue chain called Smokey Bones Barbeque & Grill in November 2007. Before becoming chief executive, Otis served as president of Darden's Smokey Bones unit from 2002 until 2004. He has also held titles of senior vice president and chief financial officer for the casual dining company. Prior to joining Darden in 1995, Otis was managing director and manager of public finance at investment banking firm Chemicals Securities, now part of J.P. Morgan Securities Inc. Otis' total compensation for fiscal year 2007 was $3.8 million, including a base salary of $859,069.
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Darden chief Clarence Otis is active in the Orlando-area business and arts community
Sentinel Staff WriterClarence Otis, a former Wall Street investment banker, has worked to raise Darden's profile, along with his own. He regularly appears on CNBC, the popular financial channel, and is occasionally mentioned in The Wall Street Journal and other national...Tags: Zora Neale Hurston Festival, VF Corporation, Mennello Museum of American Art, Economic Policy, Medical Research
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Darden Restaurants chief Clarence Otis sticks to pursuit of success
Sentinel Staff WriterNearly a year before assuming the helm at Darden Restaurants in 2004, Clarence Otis met with Chief Executive Officer Joe Lee to plot the future. Together, in a series of meetings, Otis, Lee and another key leader, Drew Madsen, set goals for Orlando's...Tags: Olive Garden Italian Restaurant, Darden Restaurants, Morningstar Incorporated, General Mills Incorporated, Florida
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Darden's lobbying tab tops $600,000 in 3rd quarter
Sentinel Staff WriterDarden Restaurants, owner of Red Lobster and Olive Garden, spent more than $600,000 in the third quarter to lobby Congress, according to a recent federal disclosure report. Darden, the only Fortune 500 company with headquarters in Orlando, said nearly...Tags: Olive Garden Italian Restaurant, Darden Restaurants, Laws, Lobbying, California
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Darden feeling effect of consumer cutbacks
Sentinel Staff WriterThe slowdown in consumer spending is taking a bite out of Darden Restaurants, owner of the Red Lobster and Olive Garden chains. For the past two years, Orlando-based Darden appeared to be one of the few full-service restaurant operators to avoid a slump....Tags: Olive Garden Italian Restaurant, Earnings, Darden Restaurants, Morningstar Incorporated, Consumers
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Darden executives expect economic challenges to persist
Sentinel Staff WriterTop executives at Darden Restaurants said Wednesday morning the company will step up its restaurant promotions and keep a tight lid on costs to offset slowing sales and rising expenses in a weak economy. Speaking during a morning conference call with...Tags: Olive Garden Italian Restaurant, Darden Restaurants, Restaurant and Catering Industry, Red Lobster, Sales
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Darden will raise prices, increase promotions in tough economy
Sentinel Staff WriterDarden Restaurants will ramp up promotions, raise prices and keep a tight lid on costs to offset slowing sales and rising expenses in a weak economy, top executives said Wednesday. Speaking during a conference call with analysts, Darden chairman and...Tags: Olive Garden Italian Restaurant, Darden Restaurants, Corporate Officers, Restaurant and Catering Industry, Red Lobster
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Otis: Darden on right track despite economy
Clarence Otis, chairman and chief executive officer of Orlando-based Darden Restaurants, said Friday at the company's annual shareholder meeting in Orlando that Darden is on the right track despite the slow economy. Even so, Otis, who spoke to board...Tags: Orlando International Airport, Darden Restaurants, Aerospace Manufacturing, Deutsche Bank AG, Lehman Brothers Holdings Incorporated
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Darden lowers earnings outlook; stock falls on news
Sentinel Staff WriterOrlando-based Darden Restaurants, owner of Olive Garden and Red Lobster, said today it expects quarterly earnings to come in well below analysts' expectations and also lowered its full-year forecast, citing a challenging consumer climate. The news sent...Tags: Olive Garden Italian Restaurant, Earnings, Darden Restaurants, Earnings Forecasts, Consumers
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Darden shares tumble 12.4% on lower earnings forecast
Sentinel Staff WriterShares of Darden Restaurants, owner of Red Lobster and Olive Garden, plunged 12.4 percent Tuesday after the Orlando-based company lowered its earnings forecast, blaming slowing sales on a weak economy. The company's shares slid $4.01 to close at $28.25...Tags: Olive Garden Italian Restaurant, Earnings, Darden Restaurants, Morningstar Incorporated, Earnings Forecasts
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Darden's Clarence Otis gets $5.1 million in compensation
Sentinel Staff WriterClarence Otis, chairman and chief executive officer of Darden Restaurants, got a 32 percent increase in total compensation to about $5.1 million in the company's last fiscal year, according to a government filing released Monday. Otis, who has produced...Tags: Olive Garden Italian Restaurant, Earnings, Darden Restaurants, Corporate Officers, Restaurant and Catering Industry
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Darden sales cooking despite economic slowdown
Sentinel Staff WriterIf there is a slowdown in consumer spending, it's not being felt at Olive Garden. Darden Restaurants' Italian-themed chain helped fuel fourth-quarter profit and sales gains, the Orlando-based company said Tuesday. Darden, which also operates Red Lobster...Tags: Olive Garden Italian Restaurant, Earnings, Darden Restaurants, Morningstar Incorporated, Florida
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Darden execs remain optimistic despite rising food, labor costs
Sentinel Staff WriterDarden executives served up a cautiously optimistic forecast for its next 12 months, noting this morning that rising food and labor costs amid a tough spending climate for consumers will mute profits more than predicted earlier this year. Executives, who...Tags: Olive Garden Italian Restaurant, Labor Markets, Earnings, Darden Restaurants, Earnings Forecasts
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