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.