NEW YORK (AP) – The man who spearheaded a board coup at Darden has stepped down after a surprisingly strong quarter at the restaurant chain topped a sustained rebound for the company.
And it was Olive Garden, the primary source of ire for Jeffrey Smith and Starboard Value LP, which lead the way.
Smith, who heads Starboard, was named chair at Darden in late 2014 after the activist investor ousted the company’s entire board in a high-profile fight for control.
Before taking over the board, Starboard released a 294-page presentation outlining what it thought Darden’s management was doing wrong.
Since that revolt, shares of Darden have risen more than 30 percent.