Starboard's Jeffrey Smith Collects Olive Garden Bounty By Selling 40% Of Darden Shares

Seventeen months after winning an unprecedented boardroom victory against Darden Restaurants, Jeffrey Smith of activist hedge fund Starboard Value is selling a big chunk of his stake in the company, which operates chains such as Olive Garden, Longhorn Steakhouse and The Capital Grille. Over the past month, Starboard has sold nearly 40% of its Darden stock.