The parent of Olive Garden, LongHorn and other restaurant chains said Chairman and CEO Clarence Otis will exit by Dec. 31, and the board named director Charles Ledsinger chairman, effective immediately. Otis will continue to serve as CEO while Darden (DRI) searches for a successor. The company also closed the $2.1 bil sale of its Red Lobster chain to private equity firm Golden Gate Capital, which also owns California Pizza Kitchen. Darden rose more than 4% in extended-hours trading.