Monday, Biglari Capital announced that proxy advisers ISS and Glass Lewis have urged shareholders to vote against one or more Cracker Barrel (CBRL) board nominees ahead of the November 20 meeting.
Both companies pointed to long-term underperformance and a 46 percent stock decline since August, citing significant value destruction, unsuccessful rebranding attempts, and inadequate oversight.
While ISS reprimanded the board for failing to stop the logo controversy and other strategic blunders, Glass Lewis criticized Cracker Barrel's recent bylaw changes as shallow and backward.
Both businesses came to the conclusion that a board change was necessary.
CBRL is currently trading at $30.98, up $0.78 or 2.46 percent on the Nasdaq.
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