Darden to cut $50 million in costs, replace COO

Darden Restaurants will cut 85 positions at its Orlando headquarters as part of a larger cost-cutting plan aimed at saving $50 million in annual spending, the Olive Garden and Red Lobster parent said Friday. The company, whose chains fared well during the downturn but lost steam during the recovery, also announced the retirement of President and COO Drew Madsen, who will be replaced by Gene Lee, former head of Darden's specialty restaurants division.

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