Darden Stock Goes Up as Investors Pleased With Otis’ Resignation

Shares of Darden stock have increased since Monday, July 28, when Chairman and CEO Clarence Otis announced he would be stepping down. A financial response to such an announcement is common among investors.

Americas Markets reports that six companies in the Standard & Poor’s 500, including PepcoMicrosoft and Symantec, have seen their shares rise as much as 10% after the CEO announced plans to depart, not seek renewal of their contract or the company announced the CEO was replaced this year, according to a USA Today analysis of data from S&P Capital IQ.

The latest to join the list is Darden Restaurants. Chairman and CEO Clarence Otis announced on Monday that he would be stepping down, effective Dec 31st. Since the announcement, the restaurant chain’s share price has increased 4.3%.

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