March 26, 2014 / 12:50 PM / in 4 years

Barington Capital asks Darden to find new CEO

March 26 (Reuters) - Darden Restaurants Inc shareholder Barington Capital asked the company to find a new chief executive and appoint an independent chairman.

The hedge fund and Starboard Value LLP have opposed Darden’s plan to spin off its Red Lobster restaurant chain and have asked that the plan be put to a shareholder vote.

Barington said earlier this month that it had lost confidence in Darden Chief Executive Clarence Otis’s ability to run the company.

“We are dismayed by his efforts to separate Red Lobster and its valuable real estate from the company without shareholder approval,” Barington said in a letter to Darden’s independent directors on Wednesday. (Reporting by Devika Krishna Kumar in Bangalore; Editing by Kirti Pandey)

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