Will We See More Wholesale Board Changes Like Darden?

Last week, shareholder activism showed just how far it’s come when Starboard Value LP won a decisive proxy fight against Darden Restaurants, Inc. (NYSE:DRI)’a now-former management, replacing the entire board with its own nominees. Darden’s decision to sell Red Lobster earlier this year despite heavy shareholder opposition played a big role in the board’s replacement, but according to proxy solicitor Bruce Goldfarb, the President and CEO of Okapi Partners, we may be seeing more results like it in the coming years. “Shareholders overwhelmingly indicated that they wanted to vote on any transaction involving Red Lobster. That consent campaign in many…