Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) announced today that preliminary results provided by the Company's proxy solicitor indicate that shareholders have elected, by an overwhelming margin, all of the Company's nominees to the Board of Directors at the Company's annual meeting and have rejected both Sardar Biglari and Phil Cooley as directors.
Cracker Barrel shareholders also voted by a significant margin to uphold the Company’s shareholder rights plan.
Preliminary results indicate that over 70% of the shares voting were cast in favor of the Company’s nominees, including almost 90% of the shares voted by shareholders other than Biglari Holdings, which nominated the two candidates to the Board. The shareholder rights plan received the support of over 65% of the shares voting, including over 80% of the shares voted by shareholders other than Biglari Holdings.
In comments today after the annual meeting, Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said: "We are gratified by our shareholders support, which was even stronger than last year. We believe that today’s vote reflects our shareholders’ recognition of the tremendous progress we have made, as we have exceeded our key financial and operational objectives, added seven new directors in the last 18 months, and seen a significant appreciation in the value of our shares since initiating new strategic priorities in September of last year.
“We appreciate our shareholders’ consideration and understanding of the issues at stake. We remain focused on further strengthening and growing the Cracker Barrel brand and enhancing value for all shareholders. I look forward to continuing a dialogue with all of our investors as we continue to execute our plan.”
IVS Associates, Inc., the independent inspector of election, will tabulate and certify the election results, and final results will be announced when they are certified.