Sardar Biglari wants Cracker Barrel CEO out

Core Insights - Cracker Barrel has faced backlash over a logo change that removed the Uncle Hershel figure and modern farmhouse remodels perceived as off-brand, leading to criticism of management's strategies [3][6] - Biglari Capital, a significant shareholder, is advocating for the ousting of CEO Julie Masino, citing management's failure to protect the brand and alienation of loyal customers [4][6] - Despite a reported same-store sales growth of 5.4% in fiscal Q4 2025, management anticipates a decline in traffic for fiscal 2026 due to backlash from the logo change [5] Company Performance - Cracker Barrel reported a same-store sales growth of 5.4% during fiscal Q4 2025, attributed to efforts to reintroduce popular menu items and improve labor and training [5] - Management expects a decline in customer traffic following an 8% drop that began on August 19, linked to negative consumer reactions to the logo change [5] Shareholder Actions - Biglari Capital, owning approximately 3% of Cracker Barrel shares, is pushing for the removal of CEO Julie Masino and compensation committee chair Gilbert Dávila [6] - The firm has criticized recent rebranding efforts as detrimental to the company's heritage and investor confidence [6] - Sardar Biglari has a history of targeting Cracker Barrel for strategic changes over the past 14 years, with limited success [6]