Steak 'n Shake exec targets Cracker Barrel with 'Fire the CEO' billboard: 'We are responsible'

Core Viewpoint - Cracker Barrel is facing backlash from both fans and investors due to a logo change, leading to a proxy battle initiated by investor Sardar Biglari, who is calling for the removal of CEO Julie Felss Masino [1][2][3]. Group 1: Investor Actions - Sardar Biglari, who owns nearly 3% of Cracker Barrel's shares, is leading a proxy battle to oust CEO Julie Felss Masino, who has been in the role since July 2023 [2]. - Biglari has previously run seven proxy contests against Cracker Barrel since 2011, indicating a long-standing conflict with the company's management [5]. Group 2: Company Performance - Following the logo change on August 19, customer traffic at Cracker Barrel dropped approximately 8%, with an expected further decline of 7% to 8% if trends continue [6]. - The CFO reported a 1% decline in customer traffic for the first half of August, highlighting a concerning trend in customer engagement [6]. Group 3: Public Relations and Criticism - Steak 'n Shake publicly criticized Cracker Barrel's board for failing shareholders and claimed that the company has wasted resources on failed acquisitions while focusing on diversity initiatives [3]. - Cracker Barrel responded to the billboard campaign by labeling it a stunt typical of Biglari, emphasizing that shareholders have consistently rejected his campaigns [4][5].