Darden CEO pushed out with nearly $36 million

Clarence Otis Jr. the outgoing chairman and CEO of Darden Restaurants won't be going hungry when he leaves his job later this year.

Otis will be compensated nearly $36 million in a combination of cash, stock and other benefits after agreeing to retire from the troubled Orlando based restaurant chain.

According to a recent filing with the U.S. Securities & Exchange Commission, Otis will continue to receive his regular base salary of nearly $24,000 a week for two years.  Otis is expected to end his role as CEO by Dec. 31, or earlier if a replacement is found.

After that, the two-year period will be considered a leave of absence during which time he will continue to receive benefits.
The severance agreement includes a strict noncompete clause during that two year period.

In addition, Otis owns $28.2 in stock options and has $5.3 million in retirement funds.  All of those figures are based on Dardens (symbol DRI) current stock price.

Otis announced his resignation in July under pressure from investment groups amid declining sales and the controversial sale of the Red Lobster chain.

Darden Restaurants is the only Fortune 500 headquartered in Orlando.