CEO Clarence Otis feels the heat as Darden struggles
SEAFOOD.COM NEWS March 10, 2014 -
No stranger to uphill battles, Clarence Otis is now facing what may be the biggest one of his career.
Otis is under pressure as the company he leads, Orlando-based Darden Restaurants, struggles with plunging profits and declining sales at Red Lobster and Olive Garden, its two biggest chains.
"Clearly, the heat's on Clarence now," said Mark Kalinowski, a Janney Capital Markets analyst who follows the dining industry.
CNBC financial commentator Jim Cramer bashed Darden last week, saying the company "has to revamp management." Herb Greenberg, a prominent financial journalist, in December named Otis one of 2013's worst chief executive officers.
Some see Darden's firm stance against the activists as a sign its current board of directors and some major shareholders still support Otis as their leader.
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