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Monday, July 28, 2014

Darden CEO Clarence Otis to step down, stock jumps, (NYSE: DRI)

Darden Restaurants Inc said Clarence Otis would step down as chairman and chief executive officer, buckling under pressure from activist investors Barington Capital Group LP and Starboard Value LP.After the news, Darden shares jumped 5.4 percent in extended trading.Darden also said it would separate the chairman and chief executive officer roles.Earlier, the restaurant operator announced the finalization of its $2.1 billion sale of Red Lobster to Golden Gate Capital, a deal opposed by both Starboard and Barington.

Darden Restaurants, Inc. is full service restaurant company. Shares of DRI traded higher by 0.58% or $0.26/share to $44.92. In the past year, the shares have traded as low as $43.56 and as high as $54.89. On average, 1418300 shares of DRI exchange hands on a given day and today's volume is recorded at 1298412.