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Activist investor Sardar Biglari<\/a> launched his eighth proxy battle at Cracker Barrel after the dining chain reported disappointing fourth-quarter earnings<\/a> on Wednesday. In a filing on Thursday, Biglari, who is also the CEO of Steak n\u2019 Shake, urged shareholders to vote against the re-election of Cracker Barrel CEO Julie Masino and railed against the chain\u2019s management, which he deemed<\/a> \u201cworse than mediocre.\u201d\u00a0<\/p>\n Biglari\u2019s latest campaign is part of a 14-year entanglement with Cracker Barrel in which he has repeatedly failed to get himself elected as a director. He has, however, managed to elect two candidates of his choosing (in 2022 and 2024), while fighting against his proxy battles has cost Cracker Barrel millions. Even this was cause for criticism from Biglari: \u201cThe Board has spent $31 million of shareholders\u2019 money to prevent one of its largest shareholders [Biglari] from having a minority voice. Now the Company has become a laughingstock.\u201d<\/p>\n For many years, Biglari was one of the company\u2019s largest shareholders, at one point owning nearly 20% of Cracker Barrel\u2019s shares. He has since sold off much of his stake, and disclosed ownership of a 2.9% stake in the proxy filing.\u00a0<\/p>\n The restaurant chain\u2019s fourth quarter earnings disclosed a miss on earnings per share, falling short<\/a> on earnings per share while beating on revenue and projecting weaker customer traffic in the year ahead<\/a>.<\/p>\n Cracker Barrel\u2019s stock fell<\/a> approximately 10% in after hours trading and was down more than 8% at time of publication.\u00a0<\/p>\n Biglari, who is also the CEO of Biglari Holdings<\/a>, which also controls Maxim magazine, isn\u2019t going away. On Thursday, he urged shareholders to vote against the board\u2019s directors, whom he accused of \u201csevere destruction of shareholder value,\u201d an inability to understand Cracker Barrel\u2019s brand, and a failure to select a suitable CEO.\u00a0<\/p>\n \u201cInstead of demonstrating the discipline and stewardship required to protect and enhance a storied brand, management has relied on ill-conceived strategies that have worsened existing challenges rather than solved them, culminating in the disastrous \u201cbrand refresh\u201d that has ranked among this century\u2019s worst brand blunders alongside Bud Light and Jaguar,\u201d he wrote<\/a>. \u201cCEO Julie Masino\u2019s tenure has been marked by repeated and highly publicized missteps, from misguided rebranding efforts to ill-fated \u201ctransformation\u201d initiatives, that reflect the Company\u2019s troubling pattern of tone-deafness and disregard for shareholder capital.\u201d\u00a0<\/p>\n Biglari also took aim at the Cracker Barrel board\u2019s marketing expert, Gilbert D\u00e1vila, whom he accused of being responsible for the chain\u2019s struggles, and \u201ceroding shareholder value\u201d by approving \u201coutsized pay packages\u201d for Cracker Barrel executives.\u00a0<\/p>\n \u201cShareholders can send a message that merit and performance, the foundation that built America, rank above DEI,\u201d he continued.\u00a0<\/p>\n Cracker Barrel has dismissed Biglari\u2019s antics, previously telling<\/a> Fortune<\/em> that the activist investor has made \u201cnumerous false and misleading claims about Cracker Barrel, its Board and management.\u201d Shareholders have rejected nearly all of his proposals.<\/p>\n In June, The Wall Street Journal<\/em> reported<\/a> that many Cracker Barrel customers were mourning the \u201closs of that old-timey feeling,\u201d and the uproar escalated in August after a particular tweet by Donald Trump Jr.<\/a>, highlighting allegations that the rebrand was \u201cwoke.\u201d The market reaction alone wiped out roughly $100 million from the chain\u2019s value. At issue was, in part, the new logo that did away with the traditional \u201cUncle Herschel<\/a>\u201d mascot\u2014a denim-clad old man perched on a chair beside a barrel.\u00a0<\/p>\n The redesign, which was a key part of Cracker Barrel\u2019s $700 million<\/a> modernization campaign\u2014and was intended to reverse an outflow of customers from the chain, performance that Biglari has criticized for years\u2014immediately ignited controversy, drawing outrage from longtime diners, Biglari, and even President Trump. Biglari used his restaurant\u2019s social media accounts to troll Cracker Barrel over the blunder.\u00a0<\/p>\n Cracker Barrel quickly reversed course, ditching the rebranding and suspending its planned restaurant renovations. The company\u2019s stock is down roughly 17% year-to-date.\u00a0\n<\/p>\n<\/div>\n\nFortune Global Forum<\/strong> returns Oct. 26\u201327, 2025 in Riyadh. CEOs and global leaders will gather for a dynamic, invitation-only event shaping the future of business. Apply for an invitation.<\/a><\/div>\n