Board Accountability

A factual examination of the incumbent board's track record. Every data point comes from public filings. Opinion and commentary only.

📉 Incumbent Board Performance Record

-1%

YTD 2025

-65.3%

3-Year TSR

-70.2%

5-Year TSR

Source: Cracker Barrel Deck 10-24-2024, Market data

Current Board Members

Carl Berquist

Lead Independent Director

Key Points:

  • TSR down 69.7% during tenure
  • Approved $854M capex while operating income fell 84%
  • Marriott CFO experience almost a decade old
  • Oversaw ~60% West Coast store closures
  • No restaurant or turnaround experience

Sources: Cracker Barrel Deck 10-24-2024, Biglari Capital Rebuttal Deck 2024

Meg Crofton

Chair Nom/Gov Committee

Key Points:

  • TSR down 65% during tenure
  • Previously on Tupperware board (95% value destruction, bankruptcy)
  • No restaurant or turnaround experience
  • Oversaw flawed board refreshment
  • Disney experience not relevant to family dining

Sources: Cracker Barrel Deck 10-24-2024, Biglari Capital Rebuttal Deck 2024

The Undeniable Record

Under this board's watch, shareholders have suffered catastrophic losses while management collected millions in compensation.

What They Destroyed:

  • ✗ 70% of shareholder value
  • ✗ 19% of customer traffic
  • ✗ 84% of operating income
  • ✗ 80% of the dividend
  • ✗ 50 years of brand heritage

What They Kept:

  • ✓ Their board seats
  • ✓ Their compensation
  • ✓ Their bonuses
  • ✓ Their perks
  • ✓ Their excuses

These are the facts. The numbers don't lie. The record speaks for itself.

Important: This page presents factual information from public sources as opinion and commentary only. We are NOT waging a proxy campaign, NOT soliciting proxies, and NOT advising how to vote. This is an independent analysis of publicly available data. Make your own informed decisions.