Clarence Otis Net Worth Goes Down as He Steps Down from Darden CEO Position; Who will Replace Him?

Clarence Otis net worth might experience as a decrease as he decides to step down from his position as Chairman and CEO of Darden restaurants. As reported by some sources, Clarence Otis net worth came up with this decision following a controversial corporate restructuring, which compelled a number of investors to call for his resignation.

Clarence Otis net worth has been with the company since 1995. Although he has already decided to leave his post, his will remain as the company's CEO until a successor has been named, or until it is already the 31^st of December this year, whichever comes first.

Charles Ledsinger, the independent lead director of Darden restaurants, has been chosen to replace Clarence Otis net worth as the company's non-executive chairman, effective immediately. Clarence Otis net worth, meanwhile, will remain as the director of the company, but will not stand for re-election during Darden's annual shareholder meeting, which will be held this coming September.

The shares of Darden have actually experienced an increase of 4.9% in after-hours trading to $47.14. The company then decided to sell 700 Red Lobster restaurant branches in their attempt to pay off debt and place more focus on their flagship, which is the Olive Garden chain. According to most reports, the Red Lobster franchise was the company's worst-performing brand. Additionally, Darden also decided to sell their related real estate assets to Golden Gate Capital, a private equity firm, for $2.1 billion.

This decision to sell was actually announced in May, but was just recently completed on Monday. Clarence Otis net worth said, "With the Red Lobster sale complete and progress on our Olive Garden brand renaissance and other strategic priorities underway, this is the right time for me to step down."

Statistical data has shown that sales in casual dining restaurants, such as Clarence Otis net worth's Darden restaurants, have been very sluggish, since majority of today's younger customers tend to flock to more affordable restaurants, such as Panera and Chipotle. With these new choices, they get the chance to customize their entrees and also receive a much quicker customer service.