Core Viewpoint - Cracker Barrel is facing pressure from activist investor Sardar Biglari, who is contesting the re-election of CEO Julie Felss Masino and director Gilbert Davila due to dissatisfaction with the company's recent performance and management decisions [1][4][11]. Company Performance - Cracker Barrel has experienced an 8% decline in customer traffic across its 650 restaurants, with expectations of continued declines of 4% to 7% into the following year [8][9]. - The company faced a public relations crisis following a controversial rebranding decision, which included the attempt to scrap its traditional logo [9][12]. Activist Investor Actions - Sardar Biglari, who owns nearly 3% of Cracker Barrel's stock, has made eight attempts to secure a board seat since his initial investment in 2011 [1]. - Biglari's proxy filing criticizes the board for a lack of accountability and stewardship, urging shareholders to send a message regarding management performance [4][11]. Company Response - Cracker Barrel has previously rejected Biglari's proposals and implemented bylaws to make it more difficult for activists to target the company, including requiring reimbursement for proxy-related expenses up to $5 million for unsuccessful nominations [10][11].

Activist investor Sardar Biglari started his eighth proxy fight against Cracker Barrel, seizing on the chain’s earnings miss, stock slide, and botched $700 million rebrand to argue that CEO Julie Masino and the board have destroyed shareholder value. Activist investor Sardar Biglari launched his eighth proxy battle at Cracker Barrel after the dining chain reported disappointing fourth-quarter earnings on Wednesday. In a filing on Thursday, Biglari, who is also the CEO of Steak n’ Shake, urged sharehold ...