“Fire The CEO” is the battle cry from Steak ‘n Shake against Cracker Barrel CEO Julie Felss Masino, so much so that they’ve displayed it prominently on a Nashville billboard in a logo style mocking the attempted Cracker Barrel logo rebrand.
Steak ‘n Shake took full responsibility for the billboard on X:
Yes, we are responsible for this billboard.
Cracker Barrel’s board has failed its shareholders. It has spent over a decade fighting with one of its largest shareholders rather than collaborating for the good of the company. CB has been at the forefront of the DEI movement at… https://t.co/gwF2BR5iBD
— Steak ‘n Shake (@SteaknShake) September 18, 2025
In a quoted post from @DigitalGal_X the company wrote: “Yes, we are responsible for this billboard. Cracker Barrel’s board has failed its shareholders. It has spent over a decade fighting with one of its largest shareholders rather than collaborating for the good of the company. CB has been at the forefront of the DEI movement at the same time it has reduced food quality and burned millions on failed acquisitions. The board apparently has more regard for DEI than ROI. Now, we are running a proxy contest at our own expense to fire the CEO. Biglari is doing the work left undone by the board. Fire the CEO! Save Cracker Barrel!”
The statement credits Steak ‘n Shake CEO Sadar Biglari, who is an investor in Cracker Barrel.
An Ongoing Feud
The fued between Steak ‘n Shake and Cracker Barrel first gained notice in August 2025.
Steak ‘n Shake’s first, somewhat innocuous statement on August 20th was “This is what happens when you have a board that does not respect their historical customers or their brand.”
The iconic rocking chairs outside Cracker Barrel – YouTube, TODAY
They followed it up the following day on August 21st with the following:
Sometimes, people want to change things just to put their own personality on things. At CB, their goal is to just delete the personality altogether. Hence, the elimination of the “old-timer” from the signage. Heritage is what got Cracker Barrel this far, and now the CEO wants to… pic.twitter.com/Aoml8ZOfuT
— Steak ‘n Shake (@SteaknShake) August 21, 2025
In this post, which amassed 11.4 million views, Steak ‘n Shake’s commentary reads as follows: “Sometimes, people want to change things just to put their own personality on things. At CB, their goal is to just delete the personality altogether. Hence, the elimination of the “old-timer” from the signage. Heritage is what got Cracker Barrel this far, and now the CEO wants to just scrape it all away.”
A photo of Cracker Barrel CEO Julie Felss Masino – Photo Credit: Cracker Barrel
The Steak ‘n Shake Cracker Barrel feud was taking shape and gave a great deal of attention to Cracker Barrel in a way that may have taken Cracker Barrel by surprise.
Steak ‘n Shake For the Win
The backlash to Cracker Barrel’s new logo and store redesign was swift and overwhelming. A flood of voices — including the President of the United States — demanded the company abandon what many considered “woke” changes and bring back its traditional logo featuring the beloved “Uncle Herschel” leaning against a barrel.
We thank our guests for sharing your voices and love for Cracker Barrel. We said we would listen, and we have. Our new logo is going away and our “Old Timer” will remain.
At Cracker Barrel, it’s always been – and always will be – about serving up delicious food, warm… pic.twitter.com/C32QMLOeq0
— Cracker Barrel (@CrackerBarrel) August 26, 2025
Cracker Barrel responded quickly. In a statement posted on X on August 26th, the company announced: “We thank our guests for sharing your voices and love for Cracker Barrel. We said we would listen, and we have. Our new logo is going away and our ‘Old Timer’ will remain.”
The stock drop after Cracker Barrel rebranded its iconic logo – YouTube, TODAY
It looked like Steak ’n Shake had scored a major win, and Sardar Biglari’s long-running feud with Cracker Barrel might finally be over. But that wasn’t the case. Steak ’n Shake had won a battle — not the war.
Biglari’s Beef with the Barrel: A Brief Background
Sardar Biglari, head of Biglari Holdings and owner of Steak ’n Shake, has been an activist investor in Cracker Barrel since 2011, when he purchased 4.7 million shares for $241 million. Over the years, he has waged multiple proxy fights seeking board representation, often blasting the company’s strategy and leadership.
Cracker Barrel Restaurant – YouTube, TODAY
Though shareholders repeatedly rejected his personal bids for a seat, a 2022 cooperation agreement allowed one of his nominees, Jody Bilney, to join the board, giving him indirect influence. Even after trimming his stake in recent years, Biglari has remained one of Cracker Barrel’s most persistent outside critics.
Steak ’n Shake Poised for a Fight Until Masino Is Fired
Steak ’n Shake’s aggressive new campaign surfaced on August 22, 2025, with the debut of its “Fire the CEO” mock brand on X:
— Steak ‘n Shake (@SteaknShake) August 22, 2025
Since then, posts from the official Steak ’n Shake account have taken repeated aim at Cracker Barrel, specifically targeting CEO Julie Felss Masino. The attacks have shown no sign of slowing, with the company making clear it won’t back down until Masino resigns or the board removes her.
A September 7th post summed up the stance bluntly.
The rebranding folly of the century!
Sardar Biglari wrote the following to Cracker Barrel shareholders on November 13, 2024:
“Before I knew of management’s plan, my advice to the CEO was that she should avoid falling into the textbook trap of overspending on cosmetic remodeling…
— Steak ‘n Shake (@SteaknShake) September 8, 2025
“The board needs to fire the CEO immediately,” the company said. “She’s had over two years, yet all we’ve seen is the destruction of over a billion dollars in shareholder value. We cannot give up now. A management that hates its core brand and historical customer base will continue to find new ways to ruin the company.”
The exterior of a Cracker Barrel Restaurant at Night – Photo Credit: Cracker Barrel
Biglari isn’t backing off — he’s escalating. Steak ’n Shake’s latest move, a billboard mocking the logo fiasco while calling for Masino’s ouster, makes it clear: this cultural and corporate war is far from finished.
How do you feel about Steak ‘n Shake taking the fight to Cracker Barrel? Sound off in the comments and let us know!
Even if they fire the CEO, it won’t change much. They’ve damaged the brand beyond repair and what needs to be done won’t happen because blackrock won’t allow them to.
Great advertising for Steak ‘n Shake