Biglari Capital Targets Cracker Barrel (CBRL) Board Over Governance and Transformation Plan Debacle, Urges Shareholders to Vote Against CEO and Director

Biglari Capital’s October 2025 presentation argues that Cracker Barrel’s $700 million “Transformation Plan,” led by CEO Julie Masino, has failed disastrously—destroying $1.2 billion in shareholder value, alienating loyal customers through a poorly received rebranding and store remodeling campaign, and causing the steepest guest traffic and EBITDA declines in a decade. The presentation accuses management and the board—particularly Masino and director Gilbert Dávila—of poor oversight, misleading statements, and self-entrenching governance changes. Biglari calls for their removal, asserting that Cracker Barrel’s leadership is out of touch with its heritage and customers, and that the company needs a CEO experienced in restaurant turnarounds to restore brand trust and shareholder value.