A power management technique in a light emitting diode (LED) system is disclosed. The LED system includes a plurality of LED driver connected in series, each LED driver configured to regulate the current flowing through a corresponding subset of a plurality of LED strings. Each LED driver determines the minimum tail voltage of the LED strings of the corresponding subset, compares the determined minimum tail voltage with an indicator of a minimum tail voltage of one or more other subsets provided from an upstream LED driver in the series, and then provides an indicator of the lower of the two tail voltages to the downstream LED driver. In this manner an indicator of the minimum tail voltage of the plurality of LED strings is cascaded through the series. A feedback controller monitors the minimum tail voltage represented by the cascaded indicator and accordingly adjusts an output voltage provided to the head ends of the plurality of LED strings.