Darden Restaurants chairman Jeff Smith resigns from board

Darden Restaurants chairman Jeff Smith resigns from board

Chuck Stonsteby named chairman as Olive Garden same-store sales surge

Jeff Smith, the activist investor who orchestrated a remarkable turnover of Darden Restaurants Inc. board of directors, resigned as the chairman of the casual-dining operator on Tuesday. Smith is CEO and managing member of New York-based hedge fund Starboard Value L.P.

Smith will be replaced as chairman by Chuck Stonsteby, who along with Smith was one of 12 people elected to Darden’s board in October 2014 amid massive shareholder discontent with the Orlando-based company.<

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