Jeff Smith

Jeffrey Smith founded Starboard Value in 2011 after leaving Ramius Capital, where he had run the activist investment platform. Starboard became known for its unusually detailed operational research — the firm famously produced a 294-slide presentation on Darden Restaurants (parent of Olive Garden) critiquing breadstick policies and pasta cooking methods, ultimately winning the entire 12-member board in a proxy fight. This became one of the most complete board replacements in proxy history. Starboard has targeted companies including Yahoo, AOL, Office Depot, Advance Auto Parts, and Salesforce, often focusing on cost reduction, strategic pivots, and management accountability. Smith emphasizes that good governance and operational discipline create durable value, not just financial leverage. His operational intensity — including direct engagement with front-line managers in target companies — has distinguished Starboard's activist approach from purely financial restructuring.