Cracker Barrel shareholders vote to keep CEO despite logo debacle

Core Viewpoint - Cracker Barrel shareholders voted to retain CEO Julie Felss Masino despite ongoing issues related to the company's logo that have negatively impacted sales, while director Gilbert Davila resigned after shareholders rejected his reelection [1][2]. Group 1: Leadership and Governance - Gilbert Davila, who joined the board in 2020 and is the CEO of DMI Consulting, faced opposition from influential shareholder advisory firms regarding his reelection [2]. - Activist investor Sardar Biglari, who owns 3% of Cracker Barrel's shares, advocated for the removal of both Masino and Davila, claiming the current management is disconnected from the customer base [3][4]. Group 2: Company Performance and Strategy - Cracker Barrel's shares fell nearly 5.5% to close at $25.97, marking a 52% decline since the beginning of the year [5]. - Masino, hired in July 2023, aimed to innovate and attract new customers by introducing updated menu items and remodeling restaurants [6][7]. Group 3: Customer Reception and Brand Identity - The decision to simplify the logo in August led to backlash from fans who preferred the original design featuring the mascot and the words "Old Country Store," which contributed to declining customer sentiment [8].