Former Darden Restaurant Company president, chief operating officer, and board member Drew Madsen is retiring at the end of the company's fiscal second quarter.
Gene Lee, who currently serves as president of Darden's Specialty Restaurant group will take over immediately according to a press release on Restaurant News.
Darden chairman and chief executive officer Clarence Otis said Madsen has done a great job with the group.
"Drew has been an integral part of Darden's leadership team since he joined us as Executive Vice President of Marketing of Olive Garden in 1998. And during the nine years since we both assumed our current leadership roles, he has been a valuable partner in leading the company to unprecedented growth and success," Otis said. "While we respect and understand Drew's decision to retire, he will be sincerely missed as a colleague and friend. Everyone at Darden joins me in wishing Drew and his family the best," he said.
Throughout his time with the group as executive vice president of marketing and then president of Olive Garden, Madsen helped the company's same restaurant sales growth become profitable for 26 straight quarters, and tally record margins.
As COO beginning in 2004, Darden grew to 2,155 restaurants 2,155 restaurants, an increase of 71 percent, and $8.6 billion in annual revenues which totals a 79 percent increase. The company's earnings per share also doubled.
"Drew was an outstanding member of the Board and we have valued his thoughtful contributions over the years," Chuck Ledsinger, lead drector of the Darden board said in a statement. "He has been a strong leader when it comes to helping the organization both establish and successfully execute against sound strategic direction," he said.
Madsen said he is thankful for the chance to help contribute to Darden's accomplishments
"I am profoundly grateful for the opportunity to participate in the success of Darden. After nine years as President and COO, I have been contemplating what comes next and I leave the company with fond memories, great friends, and optimism for the company's future," Madsen said "I'm looking forward to the next phase of my career."
Lee said he is excited to begin his new role where he will lead Darden's operations and marketing.
"I'm excited about taking on this new responsibility at Darden," he said. "We are well positioned to grow market share profitably. I look forward to contributing more broadly to the future success of the company."
