Darden CEO Otis to step down, after completing Red lobster sale, activist investors will join board
SEAFOODNEWS.COM [Dow Jones Institutional News] by David Benoit , Julie Jargon July 29, 2014
Darden Restaurants Inc. shook up its leadership Monday, announcing the departure of its longtime chairman and chief executive and opening the door for activist investors to gain some board seats.
But the restaurant chain's shareholder adversaries rejected the steps as overdue and insufficient, ensuring more drama hangs over the company's future.
The Orlando, Fla.-based owner of Olive Garden and LongHorn Steakhouse chains has been under fire since late last year from activist investors, who have argued it would be better off broken into three pieces...
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