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Activist investor Biglari says ISS, other advisers back Cracker Barrel proxy battle
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Activist investor Biglari says ISS, other advisers back Cracker Barrel proxy battle
Nov 10, 2025 8:08 AM

Nov 10 (Reuters) - Cracker Barrel Old Country Store ( CBRL )

came under mounting pressure ahead of its annual

meeting after activist investor Biglari Capital said on Monday

proxy advisory firms were backing a campaign to withhold the

reelection of its board members.

The restaurant chain has witnessed a turbulent year, with

its stock diving after widespread criticism of its attempted

logo redesign as part of a restructuring.

Biglari, a long-time activist investor that also tried to

acquire the company in 2012, launched a fresh proxy battle at

Cracker Barrel in September, urging shareholders to vote to

withhold the reelection of CEO Julie Felss Masino and board

member Gilbert Dávila at the company's annual meeting, which is

scheduled for November 20.

Proxy adviser Glass Lewis has criticized Cracker Barrel's

leadership for inconsistent governance standards and strategic

missteps, citing the company's mid-2025 restructuring as a

period marked by poor communication, failed initiatives and

steep investor losses, Biglari said in a statement.

Institutional Shareholder Services echoed the performance

concerns, recommending shareholders vote against director

Dávila, the activist investor said.

Cracker Barrel's attempt to change its logo triggered a

public backlash from conservatives including U.S. President

Donald Trump and caused a sharp decline in its share price,

forcing the company to revert to its original "Old Timer"

branding.

Other proxy advisory firms and Cracker Barrel did not

immediately respond to Reuters requests for comment.

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