Darden Restaurants Inc. has named former Walmart executive Jeffrey Davis senior vice president and chief financial officer, the company said Wednesday.
Davis, who will report to Darden CEO Gene Lee, replaces Brad Richmond, who will move into an advisory role to assist with the transition, the company said. In November 2014, Richmond said he would retire after 32 years at the Orlando, Fla.-based casual-dining operator.
“Jeff is an operationally focused CFO with a track record of helping businesses thrive,” Lee said. “His wide-ranging experience and leadership style is a perfect fit for our organization. We are thrilled to have Jeff join our senior leadership team at Darden.”
Davis was most recently executive vice president and chief financial officer at the U.S. segment of Walmart Stores Inc., Walmart’s largest business segment. He joined the retailer in 2006 as vice president of finance for its U.S. specialty division, and held roles of increasing importance.
Before joining Walmart, Davis was CFO at Lakeland Tours LLC and McKesson General Medical, and held financial leadership positions at the private investment holding company Hillman Co.
Davis’ appointment represents the latest in a series of changes at Darden in recent months, after a slate from activist investor Starboard Value LP won all 12 seats to the company’s board.
Last month, Darden said it would spin off 430 properties it owns into a real estate investment trust, along with the sale of another 75 properties. The company has also cut costs, and in February named Lee permanent CEO. He had been interim CEO in the months since former CEO Clarence Otis retired.
Darden owns several casual-dining brands that generate $6.8 billion in annual sales, including Olive Garden, LongHorn Steakhouse, Bahama Breeze, Seasons 52, The Capital Grille, Eddie V’s and Yard House.
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