#United States #San Antonio #Cracker Barrel #Biglari Capital #CEO Change

Biglari Capital's Stance on Cracker Barrel's Leadership

On November 21, 2025, Biglari Capital Corp. made headlines by voicing firm support for retail shareholders at Cracker Barrel Old Country Store, Inc. This came in the wake of significant dissatisfaction regarding the company's CEO, Julie Felss-Masino. Majority sentiments among these retail investors indicated a stark opposition to the continuation of Masino in her role. Despite this overwhelming stance, the election results revealed a different narrative influenced by institutional investors.

Biglari Capital highlighted the contrasting perspectives, explaining that the retail shareholders—those who are most familiar with and invested in the brand—overwhelmingly chose to remove the current CEO. Their discontent stems from a loss of customer credibility and traffic, leading to a perception that the company is headed down a troubling path. Biglari claims that the governance structures within index funds often suppress the genuine voices of retail investors, as these funds tend to prioritize bureaucratic interests over shareholder welfare. This disconnect can result in decisions that don’t reflect the economic realities faced by individual shareholders.

Reflecting on the ethical implications of corporate governance, Biglari underscored that index fund managers may adhere to cookie-cutter approaches that fail to account for the specific needs and wellbeing of individual investors. The burden of determining effective leadership should lie with those directly invested in the company rather than with a detached governance team that may not prioritize profitability or the welfare of stakeholders.

Biglari Capital argued for systemic changes, suggesting that index funds should transparently align their voting practices with the interests of their investors, especially against passive investors who have still not seen substantial returns from the current management.

The ongoing struggles for Cracker Barrel have led to an alarming trend of declining customer traffic, which, according to Biglari, is unlikely to reverse until a change in leadership occurs. The company faces mounting pressure to oust Masino, whom Biglari does not mince words about, labeling her leadership as a