Shareholders Cannot Afford to Allow Chairman David Goebel to Remain as a Director at Jack in the Box – Asserts Biglari Capital

Core Viewpoint - Biglari Capital Corp. criticizes David Goebel's 17-year tenure as chairman of Jack in the Box Inc., claiming his outdated expertise has led to significant financial losses and poor company performance [1][7]. Group 1: Company Performance and Financial Impact - Jack in the Box has lost approximately $1.8 billion, or 80% of its value, in the last five years, indicating severe financial distress under Goebel's leadership [7]. - The company has been forced to suspend dividends, close 150-200 stores, and restructure to remain solvent, which reflects the negative impact of Goebel's decisions [2]. - Jack in the Box is experiencing its lowest same-store sales and adjusted EBITDA since the COVID pandemic, highlighting ongoing operational challenges [8]. Group 2: Governance and Leadership Issues - The board is described as being heavily reliant on Goebel's outdated experience, with long-tenured directors lacking relevant restaurant expertise [2]. - There has been chronic leadership instability, with three CEOs and eight CFOs in the last five years, indicating governance issues within the company [8]. - Short interest accounts for over 30% of the float, suggesting a lack of confidence in the current board and its ability to lead the company effectively [9]. Group 3: Call to Action - Biglari Capital urges shareholders to vote against Goebel's re-election, emphasizing the need for accountability and a change in leadership to improve the company's situation [11]. - The statement asserts that Goebel's continued influence poses a risk of further damaging the brand and worsening the financial situation [9][10].