According to a newly-amended 13D filing, Jeff Smith‘s Starboard Value has trimmed its exposure to Darden Restaurants, Inc. (NYSE:DRI) to 6.62 million shares, which account for 5.2% of the company’s stock, from 6.68 million shares reported in an earlier filing. In addition, the investor announced Jeff Smith’s resignation from the position of Chairman and board member, in order to respond to other duties. Jeff Smith was the company’s Chairman more than a year and he is going to be replaced by ndependent director Charles M. Sonsteby, who was voted as the new Chairman of the board.
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Around a year and a half ago, after a long proxy fight, Starboard managed to oust the entire board of directors of Darden Restaurants, Inc. (NYSE:DRI) after having criticized the company for the sale of the Red Lobster chain and other actions. The fund managed to come up with new plans for the company, including the spin-off of its real estate assets. It was one of Starboard’s most widely-discussed activist campaigns and one of the most successful, which led to a 25% growth of Darden’s stock.
Recently, Smith and Starboard embarked on a campaign against the board of directors of Yahoo! as well against CEO Marissa Mayer, who didn’t succeed in turning around the company’s struggling core business.
You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| STARBOARD VALUE | 6,615,000 | 6,615,000 | 6,615,000 | 6,615,000 | 6,615,000 | 5.2% |
| STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD | 1,441,694 | 6,615,000 | 1,441,694 | 6,615,000 | 1,441,694 | 1.1% |
| STARBOARD VALUE AND OPPORTUNITY S | 329,794 | 6,615,000 | 329,794 | 6,615,000 | 329,794 | Less than 1% |
| STARBOARD VALUE AND OPPORTUNITY C | 180,772 | 180,772 | 180,772 | Less than 1% | ||
| STARBOARD VALUE R | 180,772 | 180,772 | 180,772 | Less than 1% | ||
| STARBOARD VALUE R GP | 180,772 | 180,772 | 180,772 | Less than 1% | ||
| STARBOARD LEADERS DELTA | 1,965,468 | 1,965,468 | 1,965,468 | 1.5% | ||
| STARBOARD LEADERS FUND | 1,965,468 | 1,965,468 | 1,965,468 | 1.5% | ||
| STARBOARD VALUE A | 1,965,468 | 1,965,468 | 1,965,468 | 1.5% | ||
| STARBOARD VALUE A GP | 1,965,468 | 1,965,468 | 1,965,468 | 1.5% | ||
| STARBOARD VALUE GP | 6,615,000 | 6,615,000 | 6,615,000 | 5.2% | ||
| STARBOARD PRINCIPAL CO | 6,615,000 | 6,615,000 | 6,615,000 | 5.2% | ||
| STARBOARD PRINCIPAL CO GP | 6,615,000 | 6,615,000 | 6,615,000 | 5.2% | ||
| JEFFREY C. SMITH | 9,475 | 9,475 | 6,624,475 | 5.2% | ||
| MARK R. MITCHELL | 6,320 | 6,320 | 6,615,000 | 5.2% | ||
| PETER A. FELD | 6,621,320 | 5.2% |
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Page 1 of 26 – SEC Filing
(Name, Address and Telephone Number of Person
