Activist Investor Biglari Renews Campaign Against Cracker Barrel Leadership

Sardar Biglari has launched his eighth campaign to gain control over restaurant chain Cracker Barrel Old Country Store, marking another chapter in the investor’s persistent activist efforts. The CEO of Biglari Holdings is publicly challenging the company’s leadership, a move creating significant attention within the investment community and the broader restaurant sector.

Governance Battle Intensifies

The conflict centers on a rebranding initiative that Biglari has labeled “obvious nonsense” and a threat to the company’s brand heritage. He is now urging Cracker Barrel shareholders to vote against the reelection of CEO Julie Felss Masino and Director Gilbert Dávila. The campaign took a particularly public turn when Biglari’s own Steak ‘n Shake chain displayed a billboard in Nashville featuring Cracker Barrel’s new logo alongside the phrase “Fire the CEO.”

This represents a strategic long-term effort rather than a short-term play. Biglari Holdings has maintained a position of approximately 2.9% in Cracker Barrel for several years while consistently pushing for greater strategic influence. The investor contends that management has made “highly questionable decisions” that fail to serve shareholder interests.

Biglari’s objectives for the campaign include:
* Removing the current executive leadership
* Halting the controversial rebranding strategy
* Refocusing on capital allocation and shareholder returns

Should investors sell immediately? Or is it worth buying Biglari?

Strong Performance at Biglari Holdings

While pursuing changes at Cracker Barrel, Biglari’s own company has demonstrated impressive financial performance. Biglari Holdings reported a net profit of $50.9 million for the second quarter of 2025, a dramatic reversal from the $48.2 million loss recorded during the same period last year. This improvement was largely driven by investment gains totaling $61.4 million.

Operational performance also showed strength, with the Steak ‘n Shake chain achieving same-store sales growth of 10.7%. Additionally, Biglari Holdings secured an additional listing on NYSE Texas beginning in August 2025.

Although the company’s shares currently trade approximately 3.8% below their yearly peak, they have nearly doubled from the previous year’s lows. Recent price volatility reflects the complex market dynamics surrounding the ongoing corporate governance battles.

The investment community now watches to see whether Biglari’s persistent activism will finally yield results or if this attempt will become his eighth unsuccessful campaign.