CRACKER BARREL RESPONDS TO BIGLARI NOMINATIONS
Cracker Barrel Old Country Store (Nasdaq: CBRL) has confirmed that The Lion Fund II, L.P., an affiliate of Biglari Holdings Inc., intends to nominate five candidates for the company's Board of Directors at the 2024 Annual Meeting. This marks Biglari's sixth attempt to nominate candidates and seventh proxy contest in 13 years. Cracker Barrel's shareholders have consistently rejected Biglari's nominees by significant margins.
The company's Board currently consists of ten highly qualified directors, with nine being independent and six appointed in the last four years. Cracker Barrel remains committed to its strategic transformation plans, led by newly appointed CEO Julie Masino. The company will consider Biglari's nominations through its Nominating and Corporate Governance Committee and present formal recommendations to shareholders in due course.
Cracker Barrel Old Country Store (Nasdaq: CBRL) ha confermato che The Lion Fund II, L.P., un'affiliata di Biglari Holdings Inc., intende nominare cinque candidati per il Consiglio di Amministrazione della società nella Riunione Annuale del 2024. Questo segna il sesto tentativo di Biglari di nominare candidati e il settimo contest di deleghe in 13 anni. Gli azionisti di Cracker Barrel hanno costantemente rifiutato le nomine di Biglari con margini significativi.
Attualmente, il Consiglio della società è composto da dieci direttori altamente qualificati, di cui nove indipendenti e sei nominati negli ultimi quattro anni. Cracker Barrel rimane impegnata nei suoi piani di trasformazione strategica, guidati dal nuovo CEO Julie Masino. La società prenderà in considerazione le nomine di Biglari attraverso il suo Comitato Nominante e di Governance Aziendale e presenterà raccomandazioni formali agli azionisti in tempo utile.
Cracker Barrel Old Country Store (Nasdaq: CBRL) ha confirmado que The Lion Fund II, L.P., una afiliada de Biglari Holdings Inc., tiene la intención de nominar a cinco candidatos para la Junta Directiva de la empresa en la Reunión Anual de 2024. Este es el sexto intento de Biglari por nominar candidatos y el séptimo concurso de poder en 13 años. Los accionistas de Cracker Barrel han rechazado constantemente las nominaciones de Biglari por márgenes significativos.
La Junta de la empresa actualmente consiste en diez directores altamente calificados, de los cuales nueve son independientes y seis fueron nombrados en los últimos cuatro años. Cracker Barrel sigue comprometido con sus planes de transformación estratégica, liderados por la nueva CEO Julie Masino. La empresa considerará las nominaciones de Biglari a través de su Comité de Nominaciones y Gobernanza Corporativa y presentará recomendaciones formales a los accionistas a su debido tiempo.
크래커 배럴 올드 컨트리 스토어(Nasdaq: CBRL)는 빅라리 홀딩스(Biglari Holdings Inc.)의 제휴사인 라이온 펀드 II(Lion Fund II, L.P.)가 2024년 연례 회의에서 회사 이사회를 위한 다섯 후보를 지명할 계획이라고 확인했습니다. 이는 빅라리의 여섯 번째 후보 지명 시도이자 13년 동안의 일곱 번째 위임장 경쟁입니다. 크래커 배럴의 주주들은 빅라리의 후보를 상당한 차이로 지속적으로 반대해 왔습니다.
현재 회사의 이사회의 구성원은 열 명의 고울한 이사들로 이루어져 있으며, 그 중 아홉 명은 독립적이고 여섯 명은 최근 4년 안에 임명되었습니다. 크래커 배럴은 신임 CEO 줄리 마시노(Julie Masino)가 이끄는 전략적 전환 계획에 전념하고 있습니다. 회사는 빅라리의 지명을 그들의 지명 및 기업 거버넌스 위원회를 통해 검토하고, 적기에 주주들에게 공식 권고안을 제시할 것입니다.
Cracker Barrel Old Country Store (Nasdaq: CBRL) a confirmé que The Lion Fund II, L.P., une filiale de Biglari Holdings Inc., envisage de nommer cinq candidats pour le Conseil d'Administration de l'entreprise lors de l'Assemblée Générale Annuelle de 2024. Cela marque la sixième tentative de Biglari de nommer des candidats et le septième concours de procuration en 13 ans. Les actionnaires de Cracker Barrel ont systématiquement rejeté les nominations de Biglari avec des marges significatives.
Le conseil de l'entreprise se compose actuellement de dix administrateurs hautement qualifiés, dont neuf sont indépendants et six ont été nommés au cours des quatre dernières années. Cracker Barrel reste engagé dans ses plans de transformation stratégique, sous la direction de la nouvelle PDG Julie Masino. L'entreprise examinera les nominations de Biglari par l'intermédiaire de son Comité de Nominations et de Gouvernance d'Entreprise et présentera des recommandations formelles aux actionnaires en temps utile.
Cracker Barrel Old Country Store (Nasdaq: CBRL) hat bestätigt, dass der Lion Fund II, L.P., eine Tochtergesellschaft von Biglari Holdings Inc., beabsichtigt, fünf Kandidaten für den Vorstand des Unternehmens bei der jährlichen Hauptversammlung 2024 zu nominieren. Dies markiert Biglaris sechsten Versuch, Kandidaten zu nominieren und siebten Stimmrechtskonkurrenz in 13 Jahren. Die Aktionäre von Cracker Barrel haben Biglaris Nominierungen konsequent mit erheblichen Mehrheiten abgelehnt.
Der Vorstand des Unternehmens besteht derzeit aus zehn hochqualifizierten Direktoren, von denen neun unabhängig sind und sechs in den letzten vier Jahren ernannt wurden. Cracker Barrel bleibt den strategischen Transformationsplänen verpflichtet, die von der neuernannten CEO Julie Masino geleitet werden. Das Unternehmen wird Biglaris Nominierungen durch seinen Nominierungs- und Corporate Governance-Ausschuss prüfen und zu gegebener Zeit formelle Empfehlungen an die Aktionäre abgeben.
- Board composition includes 9 out of 10 independent directors
- 6 out of 10 directors appointed in the last 4 years, showing board refreshment
- Commitment to strategic transformation plans to increase brand relevancy and growth
- Potential for a costly and distracting proxy contest
- Repeated proxy contests by Biglari Holdings (7th in 13 years) indicating ongoing shareholder dissatisfaction
This marks the sixth time Biglari has nominated candidates for Board seats, the fourth time nominating himself, and the seventh proxy contest overall that Biglari has launched in the last 13 years. Each time, our shareholders have rejected Biglari's nominees and positions by significant and increasing margins.
The Cracker Barrel Board is composed of ten highly qualified directors, nine of whom are independent, and six of whom have been appointed in the last four years. In addition to the Board's demonstrated track record of leadership refreshment, Cracker Barrel remains committed to its publicly announced strategic transformation plans to increase brand relevancy, consistently deliver food and an experience guests love, and grow long-term sales and profitability. This plan is being led by our newly appointed CEO, Julie Masino, and has the full support of all of our independent directors, including the director whom the Board appointed as part of a 2022 settlement agreement with Biglari.
Although Cracker Barrel is disappointed that Biglari has chosen to launch another distracting and costly proxy contest, the Company's Nominating and Corporate Governance Committee will thoughtfully consider Biglari's nominations in keeping with its practices of good governance. The Board will present its formal recommendations to shareholders in due course.
Important Additional Information and Where to Find It
Cracker Barrel intends to file a preliminary and definitive proxy statement (the "Proxy Statement") and accompanying WHITE proxy card in connection with the solicitation of proxies for the 2024 annual meeting of Cracker Barrel shareholders (the "Annual Meeting"). INVESTORS AND SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE PROXY STATEMENT AND ACCOMPANYING WHITE PROXY CARD AND OTHER DOCUMENTS FILED WITH THE
Participants in the Solicitation
Cracker Barrel, its directors and certain of its executive officers may be deemed to be participants in the solicitation of proxies from Cracker Barrel shareholders in connection with the matters to be considered at the Annual Meeting. Information regarding the names of Cracker Barrel's directors and executive officers and certain other individuals and their respective interests in Cracker Barrel by security holdings or otherwise is set forth in the Annual Report on Form 10-K of Cracker Barrel for the fiscal year ended July 28, 2023, and Cracker Barrel's definitive proxy statement for the 2023 annual meeting of Cracker Barrel shareholders, filed with the SEC on October 6, 2023 (the "2023 Proxy Statement"). Please refer to the sections captioned "Executive Compensation," "Stock Ownership of Certain Beneficial Owners and Management" and "Board of Directors and Committees-Compensation of Directors" in the 2023 Proxy Statement. To the extent holdings of such participants in Cracker Barrel's securities have changed since the amounts described in the 2023 Proxy Statement, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC: Form 4, filed by Thomas H. Barr, with the filings of Cracker Barrel on November 20, 2023; Form 4s, filed by Carl T. Berquist, with the filings of Cracker Barrel on November 20, 2023 and on July 9, 2024; Form 4, filed by Jody L. Bilney, with the filings of Cracker Barrel on November 20, 2023; Form 4, filed by Meg Crofton, with the filings of Cracker Barrel on November 20, 2023; Form 4, filed by Gilbert Raymond Davila, with the filings of Cracker Barrel on November 20, 2023; Form 4, filed by William W. Moreton, with the filings of Cracker Barrel on November 20, 2023; Form 4, filed by Gisel Ruiz, with the filings of Cracker Barrel on November 20, 2023; Form 4, filed by Darryl L. Wade, with the filings of Cracker Barrel on November 20, 2023; Form 3 and Form 4, filed by John W. Garratt, with the filings of Cracker Barrel on December 20, 2023; Form 4, filed by Bruce Hoffmeister, with the filings of Cracker Barrel on January 3, 2024; Form 4, filed by Jim Mark Spurgin, with the filings of Cracker Barrel on January 18, 2024; Form 3, filed by Brian T. Vaclavik, with the filings of Cracker Barrel on February 23, 2024; Form 3, filed by Edwards Christopher Bryant, with the filings of Cracker Barrel on June 13, 2024; Form 3 and Form 4, filed by Cheryl Janet Henry, with the filings of Cracker Barrel on June 20, 2024; Form 3, filed by Sarah O.
About Cracker Barrel Old Country Store®
Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) is on a mission to bring craveable, delicious homestyle food and unique retail products to all guests while serving up memorable, distinctive experiences that make everyone feel welcome. Established in 1969 in
CBRL-F
Investor Contact: | Adam Hanan |
(615) 443-9887 | |
Media Contact: | Heidi Pearce |
(615) 235-4135 |
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SOURCE Cracker Barrel Old Country Store, Inc.
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