Cracker Barrel Shareholder Vote Keeps CEO

Cracker Barrel (CBRL) said on Nov. 20, 2025, that shareholders reelected CEO Julie Felss Masino while rejecting director Gilbert Dávila, even as the company warned of projected declines in store traffic and sales following an August logo redesign.

CEO Reelected as Director Is Ousted Amid Activist Pressure

At the Nov. 20 shareholder meeting, Cracker Barrel shareholders reelected Masino and eight other board nominees. Director Gilbert Dávila was not reelected and resigned. The company issued a statement thanking shareholders and emphasizing a renewed focus on growth and the brand’s heritage.

Activist investor Sardar Biglari, who holds about a 3% stake, led a proxy fight calling for board changes. In a Nov. 6 letter, Biglari urged shareholders to replace both Masino and Dávila. His campaign succeeded in ousting Dávila but failed to remove the CEO.

The board had urged shareholders to retain Dávila, who joined in 2020 and chaired the compensation committee. Proxy-advisory firms Institutional Shareholder Services and Glass Lewis had recommended voting against him.

Logo Redesign Controversy Weighs on Sales Outlook

In August 2025, Cracker Barrel implemented a logo redesign that removed the company mascot and the phrase “Old Country Store,” sparking swift customer backlash. The company reinstated the original logo within a week and suspended restaurant remodeling tied to the rebranding in early September.

Cracker Barrel projects a 7–8% decline in store traffic for fiscal first quarter 2026 and a 4–7% drop for the full fiscal year 2026, which began Aug. 2, 2025. The company attributes the outlook to the logo controversy and related customer backlash. It operates 660 restaurants across 43 states.

No new quantitative guidance or strategic-plan changes were announced in connection with the board vote.