Cracker Barrel announces ISS recommendation to vote for board nominees

Cracker Barrel (CBRL) announced that independent proxy advisory firm Institutional Shareholder Services, or ISS, has recommended that Cracker Barrel shareholders vote on the company’s white proxy card and “withhold” support for Milena Alberti-Perez and Sardar Biglari in connection with the company’s 2024 Annual Meeting to be held November 21. In its November 8 report, ISS stated that “Withholds are warranted against dissident nominees Alberti-Perez and Biglari.” Both ISS and Glass Lewis, in its separate November 8 report, further supported the company’s view that Mr. Biglari’s appointment to the Board of Directors would risk destroying shareholder value. ISS stated, “To its credit, in recent years, the board appears to have made a concerted effort to refresh itself with directors with relevant skill sets, and the average director tenure is low.”