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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.

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