NEW YORK () -- Shares of Darden Restaurants ( - ) are dropping by 2.93% to $65.37 on Tuesday morning, as the company reported strong results for the 2016 fiscal third quarter, but announced that its chairman resigned.
Darden, which owns Olive Garden and LongHorn Steakhouse, said that Chairman Jeffrey Smith, head of activist investor Starboard Value, has resigned from the company's board.
Smith was named chairman in October 2014 after the investment firm ousted Darden's entire board, CNBC.com noted.
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