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Steak 'n Shake owner's fight to remove Cracker Barrel CEO just intensified
The owner of Steak 'n Shake is trying to pressure Cracker Barrel's board into overhauling its leadership, which they claim destroyed shareholder value.
Sardar Biglari, founder of Biglari Capital Corporation, which owns 2.9% of all the Cracker Barrel Old Country Store's common stock, is leading a proxy battle at Cracker Barrel, urging shareholders to vote against the re-election of CEO Julie Masino and director and Compensation Committee Chair Gilbert Dávila, according to a securities filing on Thursday.
Biglari is also the CEO of Biglari Holdings Inc, which is the parent company that owns restaurant chains such as Steak 'n Shake and Western Sizzlin.
Yes, we are responsible for this billboard.
— Steak 'n Shake (@SteaknShake) September 18, 2025
Cracker Barrel's board has failed its shareholders. It has spent over a decade fighting with one of its largest shareholders rather than collaborating for the good of the company. CB has been at the forefront of the DEI movement at… https://t.co/gwF2BR5iBD