News Briefs for July 12, 2013July 12, 2013
•Darden Restaurants has named Salli Setta president of its Red Lobster brand. Setta, who first joined Darden in 1990, most recently served as Red Lobster’s executive vice president of marketing. In her new role, she will be responsible for all aspects of the brand, which currently has more than 700 restaurants, 60,000 employees and $2.6 billion in annual sales. Setta replaces Dave Pickens, who has served as Red Lobster’s president since 2011, and is now being promoted to chief restaurant operations officer of Darden. The new appointments for both Setta and Pickens are effective July 15.
•Following the recent completion of its deal for a controlling 25% stake in India’s United Spirits Ltd (USL), Diageo will launch an open offer for the remaining shares in USL subsidiary Pioneer Distilleries next month. USL currently owns 81.58% of Pioneer, which it acquired in 2011 to help buttress production capacity. The offer—priced at R64.02 ($1.07) a share—is expected to open August 28 and close September 11Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.