It’s been a stormy year for Cracker Barrel, and the drama isn’t just in the kitchen. After a failed rebranding, social media backlash, and sinking shares, the Southern-style restaurant chain is now facing a full-blown proxy battle. Activist investors are demanding heads roll, while top advisers are calling out leadership for poor strategy and governance. As shareholders gear up for a high-stakes November 20 showdown, the future of this beloved roadside brand hangs in the balance. Here’s how the buttered biscuits hit the fan.
A Battle Brewing in the Boardroom
Cracker Barrel’s once-harmonious boardroom has turned into a war zone. Activist investor Biglari Capital is pushing for sweeping changes at the top, calling out weak leadership and disappointing results. The group wants shareholders to reject both CEO Julie Felss Masino and director Gilbert Dávila. It’s a rare public challenge that has the chain’s leadership scrambling to prove they can still steer the ship.
A Year of Stumbles and Setbacks
2025 hasn’t been kind to Cracker Barrel. After attempting a logo redesign and major restructuring, the company faced swift backlash. Fans hated the new look, the stock dipped, and critics piled on. The hasty return to the old branding didn’t help much — the damage was already done.
Biglari Capital Turns Up the Heat
Biglari Capital, already known for shaking up restaurant companies, has zeroed in on Cracker Barrel’s management. The firm argues that the board’s decisions have eroded shareholder value and public trust. By rallying fellow investors, Biglari is betting on a leadership overhaul as the only path forward.
Proxy Advisers Join the Chorus
Two of the most influential voices in corporate governance — Glass Lewis and ISS — are siding with Biglari on this one. Both firms blasted the Cracker Barrel board for inconsistent strategy and lackluster performance. When these advisers speak, big institutional investors tend to listen, making their criticism a serious blow for the company’s leadership.
Spotlight on Gilbert Dávila
ISS specifically called out board member Gilbert Dávila for what it described as “performance issues.” That recommendation against him could sway large shareholders to vote him out. For a company already struggling with investor faith, this level of scrutiny could trigger even more unrest.
CEO Julie Felss Masino Under Pressure
Julie Felss Masino, who took the CEO seat hoping to modernize the brand, is now at the center of the storm. Her efforts to rebrand and restructure backfired, and critics say she’s failed to connect with both customers and investors. With Biglari calling for her removal, Masino’s future at the company looks uncertain.
Social Media Strikes Again
When the new Cracker Barrel logo dropped, online critics pounced. Influencers and conservative commentators mocked the change, claiming the brand was losing its “country charm.” Within days, hashtags calling for boycotts trended on X (formerly Twitter). The backlash forced Cracker Barrel to revert to its classic logo — but the reputational damage was done.
Proxy Battles Are the New Normal
Cracker Barrel’s corporate drama is part of a growing trend: activist investors demanding accountability. Across industries, shareholders are less willing to sit back while companies fumble big decisions. From Disney to Starbucks, boardroom revolts are becoming common — and Cracker Barrel’s fight could set a new precedent for the restaurant world.
Glass Lewis vs. the Good Ol’ Country Store
Glass Lewis didn’t mince words. The advisory firm faulted Cracker Barrel’s board for “spotty governance” and a lack of clear direction. That kind of criticism stings, especially for a company built on the image of trust and consistency. For shareholders, it’s yet another reason to question who’s really running the show.
The High Stakes of November 20
All eyes are now on Cracker Barrel’s upcoming annual meeting. That’s when shareholders will decide whether to back the current leadership or hand Biglari Capital a victory. With proxy advisers influencing big players, the results could reshape the company’s future — or push it deeper into turmoil.
The Bigger Picture: Accountability in Corporate America
This isn’t just about one restaurant chain — it’s about how companies handle investor trust. Cracker Barrel’s fight underscores a national shift toward transparency, responsiveness, and stronger oversight. Shareholders are demanding more say, and boards that ignore them risk public battles like this one.
The Brand at a Crossroads
Cracker Barrel built its empire on nostalgia and comfort food, but that charm only goes so far in today’s market. Balancing modern appeal with its down-home image has proven trickier than expected. If the company can’t rebuild confidence, both at the table and in the stock market, it risks becoming a cautionary tale instead of a comeback story.
