Activist Calls for Bloomin’ Brands to Shrink, Appoint Chairman
- Owner of Outback Steakhouse faces pressure to spin off brands
- Lead independent director says board supports management
Photographer: Victor J. Blue/Bloomberg
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Barington Capital Group reiterated its demands for changes at Bloomin’ Brands Inc., the owner of Outback Steakhouse, including spinning off smaller restaurant brands and appointing an independent chairman.
The New York-based hedge fund, run by James Mitarotonda, says Bloomin’ Brands Chairman and Chief Executive Officer Elizabeth Smith is to blame for underperformance at the company, according to a letter sent to its lead independent director Monday. Barington owns about 0.6 percent of the common shares in the Tampa, Florida-based company, according to a person familiar with the matter.