Cracker Barrel leadership is once again locked in a high-stakes showdown with activist investor Sardar Biglari, marking yet another chapter in a feud that has now spanned more than 15 years. In a glossy new campaign mailed to shareholders and published at CrackerBarrelShareholders.com, the company’s board and CEO Julie Felss-Masino are asking investors to back all 10 of the company’s nominees on the white proxy card ahead of the November 20, 2025 Annual Meeting.
The Cracker Barrel corporate shareholder website – CrackerBarrelShareholders.com
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The appeal comes after a bruising year for the southern-style restaurant chain — one defined by a botched logo rebrand, plunging brand sentiment, and tens of millions in lost value. Cracker Barrel’s leadership is now framing Biglari’s renewed challenge as “disruptive,” while critics say the board is trying to deflect blame for one of the most avoidable brand disasters in modern corporate memory.
The Logo That Lit the Fire
Cracker Barrel’s letter to shareholders — dated October 7, 2025 — attempts to acknowledge what it calls “missteps” with a new logo and modernized store design tested earlier this year. The company insists it was merely experimenting with a “broader remodel program,” but the change triggered an immediate and visceral backlash from loyal customers.
The Cracker Barrel corporate shareholder website – CrackerBarrelShareholders.com
The simplified branding and store redesign were meant to attract younger diners. Instead, they alienated the chain’s traditional base, tanked social-media sentiment, and sent sales sliding within weeks. The resulting fallout, according to analysts, cost upwards of $94 million in market value, not to mention the reputational damage.
The stock drop after Cracker Barrel rebranded its iconic logo – YouTube, TODAY
In the letter, Cracker Barrel admits it was forced to “pivot quickly to switch back to our ‘Old Timer’ logo” and pause the remodel program altogether. The company blames what it calls “amplified misinformation” for intensifying the outrage — a claim that many shareholders have found less than convincing.
Biglari Returns — Again
Sardar Biglari, head of Biglari Holdings and owner of Steak ’n Shake and Western Sizzlin, has been one of the most persistent Cracker Barrel critics. His latest proxy challenge is the fourth in five years and eighth since 2010, according to Cracker Barrel’s own filing.
The Cracker Barrel corporate shareholder website – CrackerBarrelShareholders.com
Biglari is urging shareholders to vote against CEO Julie Masino and independent director Gilbert Dávila, accusing the company of poor strategic leadership and wasteful spending. The board counters that Biglari is acting in his own interest, claiming he wants to gain control of the company “at a bargain, without paying a premium.”
However, Biglari’s argument resonates with many long-time investors who watched Cracker Barrel stumble through what should have been an easy victory lap after the lockdown-era travel boom. His stance is simple: Cracker Barrel’s leadership has lost touch with its brand identity — and its customers — while blaming everyone but themselves for the fallout.
Masino’s “Multi-Year Plan” and the Board’s Defense
Masino, a former Taco Bell and Starbucks executive, was appointed CEO in 2023 to reverse years of stagnation. The board’s letter touts her “multi-year plan” as proof of progress, citing five consecutive quarters of comparable-sales increases and a 13% rise in GAAP net income over 2024.
A photo of Cracker Barrel CEO Julie Felss Masino – Photo Credit: Cracker Barrel
But the timing undercuts that claim: the rebrand fiasco erased much of that momentum, wiping out goodwill and sparking a months-long PR crisis that even the company acknowledges in its letter. Cracker Barrel’s leadership insists that those setbacks are temporary and that Masino’s plan — which includes refreshed pricing strategies, digital growth, and a new $100 million share-repurchase program — will restore profitability.
A Familiar Pattern of Blame
The tone of the board’s materials is unmistakably defensive. Nearly every paragraph contrasts the supposed success of Masino’s team with Biglari’s “antics,” “personal attacks,” and “false claims.” Cracker Barrel accuses him of using the social-media accounts of Steak ’n Shake to attack the company and of buying billboards in Nashville criticizing Masino.
The exterior of a Cracker Barrel Restaurant at Night – Photo Credit: Cracker Barrel
What the letter doesn’t dwell on is the reason Biglari’s criticism found such a receptive audience: widespread frustration among both customers and shareholders who saw a beloved brand nearly reinvented beyond recognition. When Cracker Barrel leadership refers to “divisive policies” being rolled back under Masino, it’s a tacit acknowledgment that the board had, at one point, wandered far from the “country hospitality” image that built the company in the first place.
Ten Nominees, One Message
The company is pushing hard for continuity, urging investors to vote FOR all 10 board nominees — a group that includes Masino herself and directors such as Carl Berquist, Jody Bilney, Stephen Bramlage, Gilbert Dávila, John Garratt, Michael Goodwin, Cheryl Henry, Gisel Ruiz, and Darryl “Chip” Wade.
Food at Cracker Barrel – YouTube, TODAY
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The board highlights its “refreshed” composition — nine independent members, eight appointed since 2020 — as proof of good governance. But critics note that such turnover can also signal instability, particularly when the company has been under near-constant activist pressure.
The “Country Fried” Stakes Going Into November
This vote isn’t just about board seats — it’s about the direction of Cracker Barrel itself. After years of steady decline, the company faces an identity crisis: should it modernize to attract new demographics or double down on the Americana charm that made it a household name?
The interior of a Cracker Barrel restaurant – YouTube, TODAY
For Masino and the board, the shareholder meeting represents a referendum on whether they can recover from a branding disaster that embarrassed the company and enraged customers. For Biglari, it’s another opportunity to argue that management has lost its way and that shareholder oversight — even if disruptive — may be necessary to prevent further damage.
Either way, the fact that Cracker Barrel is mailing glossy brochures begging investors to “Reject Mr. Biglari’s latest disruptive campaign” tells its own story: the board is nervous, and for good reason.
Bottom Line
Cracker Barrel’s November 20th meeting could be one of the most consequential in the company’s modern history. Masino’s team insists their plan is working, but investors still see a business trying to patch holes in a once-rock-solid brand.
The new logo for Cracker Barrel – YouTube, TODAY
After costly missteps, plunging trust, and public relations disasters, it may be harder than ever to convince shareholders that the problem is everyone but the board. As the Cracker Barrel proxy fight heats up, Biglari may define whether this nostalgic icon of southern dining can truly find its footing — or whether the old country store has finally lost its way.
Do you think Biglari will be able to win this Cracker Barrel proxy fight? Sound off in the comments and let us know!
If the investors were smart, they’d get rid of Julie and her cohorts but I suspect they’re just like disney investors.
Haven’t they fired the incompetent She-EO yet?