Jeff Smith Takes Reins Of Board At Darden Restaurants

Darden Restaurants, Inc. (NYSE:DRI) named Gene Lee, who was earlier president and chief operating officer, as interim chief executive officer. The announcement comes barely a week after Starboard Value LP won its standoff with the company.

Darden shareholders recently decided to elect all of Starboard’s nominees to its board.

Starboard wins control of Darden’s board

As reported last week, Darden Restaurants, Inc. (NYSE:DRI) unveiled the preliminary results of shareholder vote on whether to replace all of its board members. The victory went to activist-investor Starboard Value, as shareholders...