Jack in the Box accuses Biglari of ‘volatile behavior’

Core Viewpoint - Jack in the Box is defending its board of directors, particularly chair David Goebel, ahead of the annual shareholders meeting, emphasizing the importance of their leadership for the company's strategic plan and shareholder value [1][4]. Group 1: Shareholder Communication - The company has urged shareholders to vote for all 10 of its board nominees, including Goebel, in response to activist investor Sardar Biglari's campaign against them [2]. - Jack in the Box has sent a letter to shareholders reiterating its support for the board and Goebel, highlighting his critical expertise and the potential risks of his removal [4]. Group 2: Performance and Challenges - Proxy advisory firm Egan Jones has recommended that shareholders withhold votes from several directors, including Goebel, citing a 7.4% decline in same-store sales in the fourth quarter since the introduction of the Jack on Track plan [3]. - The company claims that Biglari's campaign is motivated by self-interest and has hindered constructive dialogue, asserting that the board is well-suited to lead the company [4]. Group 3: Management and Strategy - Jack in the Box has appointed a new CEO, CFO, and COO, and is implementing an orderly board refreshment process to strengthen its leadership [4]. - The company believes it has the right board and management team in place to build a strong foundation for future growth, with Goebel being recognized as a highly qualified executive in the quick-service and casual-dining sector [4].