Clarence Otis Gets Pay Increase

By: Errol Mars

Clarence Otis, chairman and chief executive officer of Darden Restaurants receives a 32 percent pay increase following a nearly 18 percent increase in reported revenue, according to a Securities and Exchange Commission filing.

Clarence Otis, chairman and chief executive officer of Darden Restaurants, received a 32 percent increase in total compensation to about $5.1 million in the company's last fiscal year, according to a Securities and Exchange Commission released Monday.

Mr.Otis, 52, has served as chief executive officer of Darden since November 2004.

Mr.Otis was paid a base salary of $889,135 for the company's fiscal year that ended in May, an increase of about $30,000 from the previous fiscal year, according to the filing.

Mr.Otis, has managed to produced profits in a tough economy and engineered Darden's $1.4 billion purchase of LongHorn Steakhouse and Capital Grille restaurant chains last year.

Mr.Otis' performance-related awards helped bump the his compensation up from last year's total of $3.86 million. His total compensation included a $972,500 bonus, stock and option awards valued at $2.9 million and $334,650 in other compensation.

Tags: Clarence Otis, Feature

Related Sponsors:

If you like this article then please consider subscribing to our RSS feed. You can also subscribe by Email and have new posts sent directly to your inbox. You can also subscribe by adding our feed to one of the following services by clicking on the appropriate buttons.