Overview
- Both proxy advisers urged shareholders to vote against director Gilbert Dávila, with Glass Lewis also recommending a vote against nominating and governance chair Jody Bilney.
- ISS supported keeping CEO Julie Felss Masino, saying her removal would likely cause disruption, and neither proxy firm backed ousting the chief executive.
- Activist Sardar Biglari escalated his campaign urging investors to withhold support from Masino and Dávila as the contested annual meeting approaches on Nov. 20.
- Cracker Barrel, in an SEC filing, acknowledged a misstep with the logo and remodels, said the changes were not ideological, restored the Old Timer branding, and paused store renovations.
- The company defended Dávila as an invaluable board member and criticized Biglari’s repeated proxy fights, while Glass Lewis faulted recent bylaw changes it described as arbitrary and regressive.