Walmart exec named Darden CFO
July 9, 2015
by Monica Watrous
ORLANDO, Fla. — Jeffrey Davis has been named senior-vice president and chief financial officer of Darden Restaurants, Inc., effective July 16. Most recently, Davis was executive vice president and CFO for the Wal-Mart US segment of Wal-Mart Stores, Inc.
In his new role, Davis will assume responsibility for the financial functions at the restaurant company, including finance and accounting, corporate reporting, corporate tax, treasury and investor relations, and internal audit, supply chain and real estate and development. He will report to Gene Lee, CEO of Darden.
Davis succeeds Brad Richmond, who will move into an advisory role to assist with the transition. Richmond will leave Darden at the end of the month following 32 years with the company.
Davis joined Walmart in 2006 as vice president of finance for the Wal-Mart US specialty division. He later became executive vice president and treasurer for Wal-Mart Stores, Inc., before assuming his most recent role with the company. Previously, he was CFO at Lakeland Tours, LLC and McKesson General Medical and held financial leadership positions at the Hillman Co., a private investment holding company.
“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.”
The announcement comes at a time of big changes for the parent company of Olive Garden and LongHorn Steakhouse. Darden recently revealed plans to separate some of its real estate assets to improve profitability. Lee was named CEO in February, succeeding Clarence Otis, who stepped down last year.