Cracker Barrel Shareholders Demand Change At Annual Meeting

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Nov 19, 2020, 11:09 ET

SAN ANTONIO, Nov. 19, 2020 /PRNewswire/ -- Biglari Capital Corp. (together with its affiliates, "Biglari Capital"), one of the largest and longest-standing shareholders of Cracker Barrel Old Country Store, Inc. (the "Company" or "Cracker Barrel") (NASDAQ:CBRL), owning 8.7% of the Company's common stock, issued the following statement:

Today, shareholders delivered a resounding message to the Board of Directors of Cracker Barrel that change is necessary. Director Norman Johnson received the most withhold votes of any director nominee in the last decade. Cracker Barrel's executive compensation program also failed for the first time in the Company's history. Biglari Capital expects the Cracker Barrel Board to add a director with substantial restaurant operating experience by the next annual meeting. Because there is more value to be created with the current base of Cracker Barrel stores than on any other activity, we encourage directors to focus management on the core business and reject any other acquisitions. We wish the directors of Cracker Barrel great success in creating value for all shareholders.

SOURCE Biglari Capital Corp.