Starboard Gains Footing In Bloomin' Brands Board, Adds Two Industry Veterans As Directors

Casual dining restaurant company Bloomin’ Brands, Inc BLMN has entered into a cooperation agreement with Starboard Value LP, which owns approximately 9.7% of the company's outstanding common stock.

In connection with the agreement, the company appointed Dave George, former Chief Operating Officer of Darden Restaurants Inc DRI, and Jon Sagal, Partner at Starboard, to its Board of Directors, effective immediately. 

"We are pleased to welcome Dave and Jon to the Board. With more than 30 years of leadership experience in the restaurant industry, Dave is deeply familiar with the unique aspects of casual dining and has a proven record of driving growth and profitability," said Chairman of the Board, Michael Mohan.

In addition, Starboard has agreed to customary standstill, voting and other provisions.

Also, BLMN announced the formation of an operating committee of the Board to work with management to identify and recommend opportunities for further improvement related to various corporate and operational matters. 

Also Read: Bloomin' Brands Bears The Brunt Of Softer Spending Environment, Analyst Cautions On Traffic/Margin Tensions

Price Action: BLMN shares closed lower by 2.98% at $27.31 on Tuesday.

Photo via Company