Activist Client Starboard Makes Headlines in Successfully Replacing Entire Darden Board
The Wall Street Journal, The New York Times DealBook, Law360 (subscription required), CNBC, Bloomberg, Reuters and several other media outlets reported on client Starboard Value’s unprecedented, “extraordinary” victory in its election contest against Darden Restaurants Inc., owner of Olive Garden and other restaurant chains. At the Company’s Annual Meeting, Darden shareholders voted to replace its entire board with a slate of 12 directors nominated by Starboard. Starboard, the second-largest investor with an 8.8 percent stake, has been pushing for changes at Darden since December. The new directors include Starboard Chief Executive Jeffrey Smith and one other of its partners, as well as several restaurant-industry veterans. Steve Wolosky, Andrew M. Freedman and Meagan Reda represent Starboard in connection with its activist campaign at Darden.