- ISS stated: “As the most compelling explanation of the company’s resurgence is the leadership change and execution on the new strategic plan by the existing board and management team – and not suggestions of the dissident nominees in last year’s or this year’s proxy contest, however meritorious – it is clear the dissidents have not made a compelling case that change at the board level is warranted.”
- Similarly, Glass Lewis said: “Cracker Barrel appears to have dramatically improved its financial performance, while also taking concrete steps to remediate or eliminate several outstanding governance concerns. In response, we find the Dissident has resorted to decidedly less compelling quantitative arguments and abrasive commentary to support a vaguely-framed plan that, all other things equal, seems to work against a strategy that has objectively improved returns and transparency for Cracker Barrel shareholders.” 1
ISS And Glass Lewis Endorse All Cracker Barrel Nominees To Board; Reject Bids By Biglari And Cooley For Board Seats
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