Preliminary results show activist investor wins all 12 seats on board of Darden Restaurants

SHARE Preliminary results show activist investor wins all 12 seats on board of Darden Restaurants

NEW YORK — An activist investor has won all of the board seats for Olive Garden parent company Darden Restaurants, according to preliminary results announced by the company.

Starboard Value was seeking to replace all 12 board seats with its own slate of nominees at Darden’s annual meeting Friday. The hedge fund has criticized Darden’s management of Olive Garden, as well as how the company handled the sale of Red Lobster.

Both Olive Garden and Red Lobster suffered declining sales in recent years, and Darden’s management has acknowledged the need for changes. The company has been trying to update the menu and marketing for Olive Garden.

Starboard wants to spin off the company’s real estate holdings and has noted Darden could cut costs in operations

The Latest
Glenbard West’s Joey Pope enjoyed the Hilltoppers’ roll to the Class 4A basketball state title, but he thinks it’s time for the focus to return to the gridiron.
Happ homered twice in the Cubs’ 5-4 loss to the Nationals on Monday.
The Cubs lost the first game of a three-game series 5-4 on Monday against the Nationals.
Yoan Moncada’s two-run single breaks tie after Eloy Jimenez ties it with double.
Senate Republicans in Congress are against assault weapons restrictions; Democrats in Springfield hold supermajorities in the state House and Senate.