Darden Revamps Board to Stave Off Starboard Proxy Fight
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Darden Restaurants Inc., the owner of Olive Garden and LongHorn Steakhouse, nominated eight new directors to its board in an attempt to ward off criticism that its management had become too insular.
The full slate of 12 directors includes four current members, four new company nominees and four others backed by activist investor Starboard Value LP, which has undertaken a proxy battle to gain control of the board, Darden said in a statement today.