It has been four years since Darden Restaurants defied activists and sold its Red Lobster chain, but investors have to be pleased that the funds eventually got their claws into the casual-dining chain and ousted the board.
At the time, the unusually specific advice from Starboard Value LP—put salt in the pasta water, don’t give out so many free breadsticks—were something of a punchline. On Thursday morning, after the company unveiled surprisingly strong fiscal 2018 financial results, shares rose by over 10%. Chief Executive...