Cracker Barrel facing aggressive proxy battle from Steak ‘n Shake owner
Posted: Thu Sep 18, 2025 7:28 pm
TENNESSEE - Cracker Barrel is under siege by an activist investor who smells blood after the country restaurant chain’s logo fiasco.
The owner of Steak ‘n Shake, Sardar Biglari, is contesting the re-election of Cracker Barrel chief executive Julie Felss Masino and director Gilbert Davila to the company’s board, according to a securities filing on Thursday.
It’s Biglari’s eighth attempt to win a seat on Cracker Barrel’s board. He first invested in the company in 2011 and now owns nearly 3% of the company’s stock.
“We believe accountability and stewardship have been deemed of little importance by the Cracker Barrel Board,” according to the proxy filing by Biglari Capital Corp. “Shareholders need to send a strong message to the board for failing to get rid of a manager who is worse than mediocre.”
Iranian born Biglari blames Felss Masino and Davila — who runs a marketing firm called DMI Consulting that focuses on DEI initiatives — for Cracker Barrel’s latest crisis. Davila heads up the company’s compensation committee.
https://nypost.com/2025/09/18/business/ ... ake-owner/
The owner of Steak ‘n Shake, Sardar Biglari, is contesting the re-election of Cracker Barrel chief executive Julie Felss Masino and director Gilbert Davila to the company’s board, according to a securities filing on Thursday.
It’s Biglari’s eighth attempt to win a seat on Cracker Barrel’s board. He first invested in the company in 2011 and now owns nearly 3% of the company’s stock.
“We believe accountability and stewardship have been deemed of little importance by the Cracker Barrel Board,” according to the proxy filing by Biglari Capital Corp. “Shareholders need to send a strong message to the board for failing to get rid of a manager who is worse than mediocre.”
Iranian born Biglari blames Felss Masino and Davila — who runs a marketing firm called DMI Consulting that focuses on DEI initiatives — for Cracker Barrel’s latest crisis. Davila heads up the company’s compensation committee.
https://nypost.com/2025/09/18/business/ ... ake-owner/