Business
Leading Independent Proxy Advisory Firm ISS Recommends Cracker Barrel Shareholders Vote the Company's WHITE Proxy Card
ISS Recommends That Shareholders Not Support Sardar Biglari's Nominee LEBANON, Tenn., Nov. 9, 2020 /PRNewswire/ -- Cracker Barrel Old Country Store® (Nasdaq:
About this update from Cracker Barrel Old Country Store, Inc.
[{"type":"text","content":"ISS Recommends That Shareholders Not Support Sardar Biglari's Nominee\n\n\nLEBANON, Tenn., Nov. 9, 2020 /PRNewswire/ -- Cracker Barrel Old Country Store® (Nasdaq: CBRL) (\"Cracker Barrel\" or the \"Company\") today announced that Institutional Shareholder Services (\"ISS\"), a leading independent proxy advisory firm, has recommended that Cracker Barrel shareholders vote on the Company's WHITE proxy card at the Annual Meeting of Shareholders on November 19, 2020. \nISS determined that there was no need for change on the Cracker Barrel Board at this juncture, and recommended that shareholders not support Sardar Biglari's nominee, Raymond Barbrick. \nIn its assessment, ISS concluded unequivocally that \"...a case for immediate change has not been made,\" adding that1:\nThe addition of a director associated with Biglari, who has a controversial reputation, risks disruption…Moreover, CBRL has been a long-term outperformer, and, by the dissident's own admission, has demonstrated a willingness to implement the suggestions of shareholders. It is worth noting that the dissident's company, Biglari Holdings, is notorious for flagrantly violating corporate governance standards and shareholder rights. Due to this reputation, along with his contentious history with CBRL, shareholders may be wary of providing him with any influence over the board…Cracker Barrel stated, \"We are pleased that ISS recognizes the strength of our slate of Directors and recommends shareholders vote the Company's WHITE proxy card. Our Board is comprised of diverse and independent directors with unique, valuable perspectives and skill sets, including significant restaurant and foodservice experience. Cracker Barrel has consistently delivered strong results for shareholders by executing a focused strategy overseen by a highly-qualified and regularly refreshed Board of Directors. We believe this Board is the right one to continue our long track-record of shareholder value creation.\"\nCracker Barrel Recommends Shareholder Vote for Norm Johnson\nCracker Barrel strongly recommends that shareholders vote for current Director Norman Johnson, chair of the Company's Nominating & Corporate Governance Committee. Mr. Johnson led the efforts to build Cracker Barrel's diverse, well-experienced Board and has contributed significantly at the Board level to Cracker Barrel's financial...