Starboard Value’s Jeffrey Smith has been one of the busiest activist investors over the last two decades, best known for his proxy fights in the restaurant space. Smith’s proxy win over Olive Garden operator Darden Restaurants in 2014 remains perhaps the best example of how shrewd and tough an activist investor he is. Smith managed to replace Darden’s entire board of 12 directors. He famously presented a near 300-slide public presentation, calling on Darden to cut executive pay, sell part of its real estate holdings, and even add salt to its pasta water. Darden shares saw a nearly 60% jump under Smith’s activism, from October 2014 to April 2016. The Wharton grad launched the Starboard Value investment strategy at Ramius in 2002. Nine years later he spun out his New York-based hedge fund and became the CEO. After Darden, Smith sought a turnaround at pizza chain Papa Johns , taking a $200 million stake in the company and becoming chairman in 2019. He arrived at a tumultuous time for the company after founder John Schnatter resigned as CEO in the wake of an uproar about the use of racist language. Smith left the board earlier this year. Smith took an activist stake in software company Salesforce last year. Shares of Salesforce have rallied more than 70% this year. The Starboard CEO was even active during the Covid pandemic, calling for changes at Humana, Kohl’s, Mercury Systems and other companies.