Cracker Barrel shareholders vote to keep CEO despite logo debacle
By DEE-ANN DURBIN Associated Press Cracker Barrel shareholders voted Thursday to keep company CEO Julie Felss Masino in place despite a debacle over the company s logo that continues to hurt its sales But one of the company s directors Gilbert Davila resigned from Cracker Barrel s board Thursday after preliminary results indicated that shareholders rejected his reelection Davila who joined Cracker Barrel s board in is the president and CEO of DMI Consulting a multicultural marketing firm He reviewed Cracker Barrel s advertising as part of his role on the board Two influential shareholder advisory firms Institutional Shareholder Services and Glass Lewis had recommended against Davila s reelection ahead of the vote Sardar Biglari a longtime Cracker Barrel shareholder and activist investor was among those pressing for the ouster of Masino and Davila Biglari is the chairman and CEO of Biglari Holdings Inc a San Antonio Texas-based company that owns Steak n Shake He also owns of Cracker Barrel s shares Our campaign is about saving Cracker Barrel from a board and management organization that are out of touch with Cracker Barrel s customer base Biglari explained in a letter sent earlier this month to Cracker Barrel investors Related Articles Ticker Verizon slashes jobs Mortgage rates nudge up Vance says Americans need patience on prices but says We hear you on affordability concerns GE Appliances bolsters ties with US suppliers as it moves production from China to Kentucky Average US long-term mortgage rate rises to the third straight increase Starbucks union says more US stores are joining week-old strike In its own declaration Cracker Barrel thanked its shareholders and announced it was committed to returning the company to sales increase We are more focused than ever on delivering high-quality food and experiences to our guests while staying true to the heritage that makes Cracker Barrel so special ensuring we are here to welcome families around our table for generations to come the company revealed Cracker Barrel s shares fell nearly Thursday to close at per share They are down from the start of this year Cracker Barrel hired Masino a longtime Taco Bell and Starbucks executive in July She was chosen for her record as an innovator with the hope that she would attract new customers to Cracker Barrel which operates restaurants in states Masino introduced updated menu items like Hashbrown Casserole Shepherd s Pie to increase Cracker Barrel s dinnertime traffic She also started remodeling the company s dark antique-filled restaurants lightening the walls and installing more confident seating But her decision in August to simplify the chain s logo had disastrous consequences Fans didn t like that the new logo didn t include Cracker Barrel s longtime mascot an overall-clad man leaning on a barrel or the words Old Country Store They also rebelled against the store redesigns Cracker Barrel reversed subject a week later saying it would keep its old logo In early September the company also suspended the remodeling of its restaurants The moves could hurt Cracker Barrel s sales well into next year Cracker Barrel disclosed in September that store traffic would likely be down between and in its fiscal first quarter and could decline to for the full fiscal year which began Aug
