Activist investor and board challenger Sardar Biglari has put Cracker Barrel Old Country Store's leaders on the defensive again with a follow-up to the company's admission Tuesday that it had not accurately represented the work experience of director Jim Bradford, who is scheduled to move into the chairman's seat next month.
Biglari, whose investment vehicles own more than 17 percent of Lebanon-based Cracker Barrel's shares, has nominated himself and a close associate for seats on the company's board while advocating for better operational and governance practices. In his latest statement, he calls Cracker Barrel's response to his pointing out that the company's biography of Bradford, now dean of Vanderbilt University's Owen Graduate School of Management, was not correct "repugnant to shareholders" and says there is no excuse for Bradford (or the other Cracker Barrel directors) to have missed his incorrect work history.
"Because last year's proxy statement had the same claim on his credentials, we find it quite troubling that this embellishment has been left uncorrected," Biglari writes. "It is unconscionable and inexplicable that Mr. Bradford overlooked or ignored misstatements of fact for the duration of a year."
Read the full press release here, in which Biglari also raises the question whether Bradford is too stretched to effectively serve as Cracker Barrel's chairman by pointing out he also sits on the boards of publicly traded Genesco, Clarcor and Granite Construction.
Cracker Barrel's shareholder meeting will take place Nov. 15.
- ALEX B FRUIN INHERITANCE TRUST; CANDACE F STEFANSIC INHERITANCE TRUST; CANDANCE F STEFANSIC INHERITANCE TRUST; FRUIN, ALEX B TRUSTEE; FRUIN ALEX B INHERITANCE TRUST; STEFANSIC, CANDACE F TRUSTEE; STEFANSIC CANDACE F INHERITANCE TRUST; STEFANSIC CANDANCE F INHERITANCE TRUST
- ROSS, BRIDGETT D
- COOKE, ETHEN LANYARD TRUSTEE; COOKE, ETHEN LEWIS ESTATE
- JACOBS, JESSICA ALEXANDRA; JACOBS, ERIKA BESS