Darden Restaurants CEO steps down

Darden Restaurants Inc. CEO Clarence Otis will step down as chairman and CEO of the restaurant group, the company said in a news release Monday.

Otis will continue in the CEO role until Dec. 31, until a successor is named. The company also is splitting its chairman and CEO roles, according to Fox Business.

Darden's board of directors chose an independent lead director, Charles Ledsinger Jr., to act as nonexecutive chairman and to lead the search for a new CEO.

Otis said with the company’s sale of Red Lobster to a private equity group, and progress in reviving its Olive Garden brand, it’s the right time for him to hand the reigns to a successor.

“I am proud to have been a part of Darden's significant growth and expansion, which has enabled us to reach new consumer segments and markets and create significant long-term shareholder value,” Otis said in a statement.

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