Biglari Capital Highlights Support of Retail Shareholders Against the CEO

Majority of retail investors were in favor of firing the CEO

SAN ANTONIO, Nov. 21, 2025 /PRNewswire/ -- Biglari Capital Corp. (together with its affiliates, "Biglari Capital") today released the following statement to fellow shareholders of Cracker Barrel Old Country Store, Inc. (the "Company" or "Cracker Barrel") (NASDAQ: CBRL). 

Cracker Barrel stock declined further after the announcement that Julie Felss-Masino was reelected as CEO. Ms. Masino has no credibility with customers or retail stockholders. The retail shareholders of Cracker Barrel, who presumably know and like the brand, overwhelmingly voted against the CEO. As the Company's best-informed stockholders, they are not buying into the never-ending list of excuses.  

So why did index funds vote so differently?

When people invest in an index fund, they unwittingly relinquish their voting power to people in the governance department, whose personal or political agendas often run counter to the economic interests of their clients. Even well-intentioned people in such departments may just be following an arbitrary checklist. Too often they lack the ability to reject a failing board. The basic question "Do we have the right CEO?" should have been an easy one to answer at Cracker Barrel. Index funds should be required to also index their votes on behalf of their investors – proportional to non-passive investors. 

Cracker Barrel has not had a good CEO in a long time. But the current one is truly an unmitigated disaster. Customer traffic has been negative, and we expect this weakness to continue. Until the Board admits its mistake and fires the CEO, it cannot chart a new path. The day that happens is the day value can begin to be restored.

Contact: 
John Ferguson
[email protected]

SOURCE Biglari Capital Corp.