Darden Restaurants Appoints Daryl Kenningham to Board

By Bobby Samwell • Tuesday, December 10 06:04 • Permanent Link

Darden Restaurants, Inc. (NYSE: DRI) has appointed Daryl Kenningham as its newest board member, increasing the size of the board from nine to 10 members. Kenningham, aged 60, brings extensive experience in multi-unit operations, currently serving as the President and CEO of Group 1 Automotive, a leading automotive retailer with operations in the United States and the United Kingdom.

During Kenningham's tenure as President and CEO, Group 1 Automotive has seen significant growth. In the most recent quarter, the company reported a 17% increase in revenue, reaching $4.8 billion compared to $4.1 billion in the same period last year. Net income also rose by 23% to $182 million, up from $148 million in the previous year.

Prior to his current role, Kenningham served as the Chief Operating Officer of Group 1 Automotive, where he played a key role in driving operational efficiency. Under his leadership, the company achieved a 12% increase in same store sales, outperforming industry averages.

Kenningham's appointment comes at a time when Darden Restaurants continues to strengthen its position in the full-service dining industry. The company's most recent quarterly report showed a 9% increase in total sales, reaching $2.4 billion compared to $2.2 billion in the same period last year. This growth was primarily driven by a 6% increase in same-restaurant sales across its portfolio of brands, reflecting the company's ability to deliver value to shareholders.

With Kenningham's expertise in leading a large, dispersed organization, his appointment is expected to bring valuable insights to Darden's board. As Darden Restaurants aims to maintain its leadership in the full-service dining sector, Kenningham's experience in driving operational excellence and delivering strong financial performance is likely to contribute to the company's future strategies and growth initiatives. The market has reacted to these announcements by moving the company's shares -0.7% to a price of $168.64. If you want to know more, read the company's complete 8-K report here.

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