While in previous activist campaigns Smith has sought a few seats as opposed to a completely new slate of directors, he wants to repeat the success he enjoyed at Darden, whose board he just left himself two weeks ago after reaping a more than 68% return on the stock versus 18% for the S&P 500. "It seemed to work really well," Smith said at the conference. "While it's not always the case where you can replace the entire board, replacing the entire board certainly is easier."