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Activist Investor Leaves Darden After Shaking Up Restaurant Chain
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Activist investor and CEO of hedge fund Starboard Value Jeff Smith left Darden’s board on Monday as his firm backs away from the company, after shaking it up in 2014 and helping revamp its Olive Garden chain.
Smith’s departure signals the end of a tumultuous era for Darden, which saw its entire board replaced, the introduction of a back-to-basics menu and the creation of a REIT to monetize its property, Bloomberg reports.
Investors aren't so happy with the departure—Darden shares fell 3.8% after the news broke, after climbing 5.8% this year through Monday. [Bloomberg]
