The longtime enemy of Cracker Barrel urges the shareholders to vote against the CEO of “worse than mediocre” after a lamentable profit

The latest Biglari campaign is part of a 14 -year -old tangle with Cracker Barrel in which he failed to be elected as director. However, he managed to elect two candidates of his choice (in 2022 and 2024), while the fight against his proxy battles cost millions of Cracker barrels. Even this was criticism from Biglari: “The board of directors spent $ 31 million of shareholders’ money to prevent one of its greatest shareholders (Biglari) from having a minority voice. Now the company has become a laughing stock. ”

For many years, Biglari has been one of the company’s largest shareholders, holding almost 20% of Cracker Barrel’s shares. He has since sold a large part of his participation and revealed the ownership of a 2.9% participation in the proxy deposit.

The benefit of the fourth quarter of the restaurant chain has revealed a lack of action by action, later only making profit by action while defeating income and projecting lower customer traffic in the coming year.

The stock of Cracker Barrel fell by approximately 10% after negotiation hours and dropped by more than 8% at the time of publication.

Biglari, who is also the CEO of Biglari Holdings, who also controls Maxim Magazine, is not going away. On Thursday, he urged the shareholders to vote against the administrators of the board of directors, which he accused of “severe destruction of the value of shareholders”, an inability to understand the brand of Cracker Barrel, and a failure to select an appropriate CEO.

“Instead of demonstrating the discipline and management required to protect and improve a legendary brand, management was based on poorly designed strategies that have aggravated existing challenges rather than resolving them, leading to the disastrous” refresh brand “which has classified itself among the worst margins of this century alongside Bud Light and Jaguar.” “The mandate of the CEO Julie Masino was marked by repeated and very publicized missteps, erroneous rebranding efforts for unhappy” transformation “initiatives, which reflect the disturbing model of the currency and contempt for capital for shareholders.”

Biglari also targeted the Marketing Expert in the Cracker Barrel Board, Gilbert Dávila, whom he accused of being responsible for the difficulties of the chain, and “eroding the value of shareholders” by approving the “disproportionate remuneration packages” for the leaders of Cracker Barrel.

“Shareholders can send a message that merit and performance, the foundation that built America, rank above Dei,” he continued.

Cracker Barrel rejected Biglari’s buffoonery, previously told Fortune That the activist investor made “many false and misleading claims concerning Cracker Barrel, his board of directors and his management”. The shareholders rejected almost all of his proposals.

In June, The Wall Street Journal have reported that many Cracker Barrel customers were crying for the “loss of this feeling of old”, and the tumult intensified in August after a particular tweet by Donald Trump Jr., highlighting the allegations that the brand change was “awake”. The market reaction alone has wiped around $ 100 million compared to the value of the chain. The problem was, in part, the new logo that deleted the traditional mascot “Uncle Herschel” – an old man dressed in jeans perched on a chair next to a barrel.

The overhaul, which was a key element in the modernization campaign of $ 700 million Cracker Barrel – and was intended to reverse a chain’s customer outing, the performance that Biglari criticized for years – immediately lit the controversy, attracting the outrage of long -standing guests, Biglari and even President Trump. Biglari used his restaurant’s social media accounts for Troll Cracker Barrel on La Bévue.

Cracker Barrel quickly reversed the course, abandoning the brand change and suspended its planned restaurant renovations. The company’s shares are down approximately 17% for the start of the year.

Global Forum fortune returns on October 26 to 27, 2025 in Riyadh. CEOs and world leaders will meet for a dynamic event only invitation that shapes the future of business. Request an invitation.