"Activist investor Sardar Biglari launched his eighth proxy battle at Cracker Barrel after the dining chain reported disappointing fourth-quarter earnings on Wednesday. In a filing on Thursday, Biglari, who is also the CEO of Steak n' Shake, urged shareholders to vote against the re-election of Cracker Barrel CEO Julie Masino and railed against the chain's management, which he deemed "worse than mediocre.""
"Biglari's latest campaign is part of a 14-year entanglement with Cracker Barrel in which he has repeatedly failed to get himself elected as a director. He has, however, managed to elect two candidates of his choosing (in 2022 and 2024), while fighting against his proxy battles has cost Cracker Barrel millions. Even this was cause for criticism from Biglari: "The Board has spent $31 million of shareholders' money to prevent one of its largest shareholders [Biglari] from having a minority voice. Now the Company has become a laughingstock.""
Sardar Biglari initiated his eighth proxy fight at Cracker Barrel following a disappointing fourth-quarter earnings report. He urged shareholders to oppose CEO Julie Masino's re-election and labeled management "worse than mediocre." The campaign continues a 14-year dispute during which Biglari repeatedly failed to win a board seat but succeeded in electing two preferred candidates in 2022 and 2024. Biglari criticized the board for spending $31 million to block his influence. He reduced his stake from nearly 20% to 2.9% in the filing. Cracker Barrel missed on EPS, forecast weaker traffic, and saw shares fall about 10% after hours.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]