DEI consultant resigns from Cracker Barrel board after heated proxy fight

Core Points - A Cracker Barrel board member, Gilbert Dávila, has resigned following a shareholder vote that elected nine of the company's ten board nominees, including CEO Julie Felss Masino [1][4] - The board expressed gratitude for Dávila's five years of service, highlighting his contributions to the strategic plan and Compensation Committee [2] - Activist investor Sardar Biglari has been critical of the board's performance, calling for the ousting of both Masino and Dávila due to concerns over the company's direction and recent rebranding efforts [4][5] Company Performance and Governance - The resignation of Dávila marks a partial victory for activist investor Sardar Biglari, who has criticized the board for failing in acquisitions and new store openings, as well as for hiring the wrong CEO [4][5] - Two major proxy advisory firms, Institutional Shareholder Services (ISS) and Glass Lewis, recommended shareholders vote against Dávila and another board member, Jody Bilney, indicating dissatisfaction with the board's governance [6][8] Strategic Direction - The company is attempting to regain customer trust with initiatives like offering free pancakes and a hearty fall menu following a controversial logo redesign [3] - The board emphasized its commitment to Cracker Barrel's values, including family, hard work, and country hospitality, in light of recent challenges [7]