Barington Capital Group is urging the independent directors of Darden Restaurants—parent of restaurant chains such as Olive Garden and Red Lobster—to consider finding a new chief executive and installing an independent chairman, the New York Times reports.
Barington, a shareholder of Darden, said in a letter to the directors that it “believes that the Company’s common stock is significantly undervalued and would be worth substantially more if Clarence Otis, the Company’s Chairman and Chief Executive Officer, were a more effective steward of Darden’s eight brands and extensive real estate holdings.”
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