Starboard said in a letter written to
"It is our belief that, given the dismal historical performance of Darden under the guidance of the existing Board ... immediate changes in Board composition are absolutely required," Starboard said in its letter.
Starboard said it could try to make those changes happen at Darden's annual shareholders' meeting in September. It appears Darden plans to complete its spinoff or sale of
Starboard Value owns about 5.5 percent of
Starboard also suggested in its letter Monday that Darden consider franchising some of its restaurants. The company's North American restaurants are company-owned.
A Darden spokesman could not be reached for comment. The company has previously said it has chosen the right path, with shareholder input.
Starboard said in its letter it has spoken with "a number of Darden shareholders" over the past two weeks who have echoed its concerns.
Starboard said it is "evaluating all options" to provide a way "for shareholders to have their voices heard" on the
Another activist investor,
Starboard met with Otis and other Darden representatives in
Starboard wrote another letter to Darden about a week before that, urging it to slow down the
"We were surprised and terribly disappointed with the Company's hurried response, just a few hours after the release of our letter," Starboard Chief Executive Officer
Darden's board members include former U.S. Sen.
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