Steak n’ Shake on mission to fire DEI CEO and save Cracker Barrel

In a totally unexpected move, Steak n’ Shake has joined the battle against Cracker Barrel’s descent into DEI madness.

This week, a billboard popped up in West Nashville calling for Cracker Barrel to fire its CEO, Julie Felss Masino, the DEI-friendly leftist responsible for the restaurant’s recent “woke” brand redesign.

Then on Thursday, the burger chain Steak ‘n Shake posted a stunning tweet revealing that it was responsible for the billboard:

Yes, we are responsible for this billboard.

Cracker Barrel’s board has failed its shareholders. It has spent over a decade fighting with one of its largest shareholders rather than collaborating for the good of the company. CB has been at the forefront of the DEI movement at… https://t.co/gwF2BR5iBD

— Steak ‘n Shake (@SteaknShake) September 18, 2025

“Yes, we are responsible for this billboard,” the restaurant wrote in its post. “Cracker Barrel’s board has failed its shareholders. It has spent over a decade fighting with one of its largest shareholders rather than collaborating for the good of the company.”

“CB has been at the forefront of the DEI movement at the same time it has reduced food quality and burned millions on failed acquisitions. The board apparently has more regard for DEI than ROI,” it added.

“Now, we are running a proxy contest at our own expense to fire the CEO. Biglari is doing the work left undone by the board. Fire the CEO! Save Cracker Barrel!” it continued.

Biglari was a reference to Steak n’ Shake owner and CEO Sardar Biglari, who owns a $54.5 million stake in Cracker Barrel, according to Nashville station WSMV.

The station further notes that “Biglari has launched several attacks at the Tennessee-based company in the past, including even selling hats reading ‘Fire Cracker Barrel CEO!’ and ‘Biglari was right about Cracker Barrel.’”

For the next 24 hours, you get a $25 gift card with every hat purchase. Save Cracker Barrel!

(Yes, paying you $5 to get the hat!)https://t.co/SpFLRMRW8f pic.twitter.com/CCwdBH3f7Z

— Steak ‘n Shake (@SteaknShake) September 3, 2025

According to the New York Post, Biglari first invested in Cracker Barrel in 2011 and now owns almost three percent of the company’s stock.

In addition, Steak ‘n Shake submitted a securities filing Thursday challenging the re-election of both Masino and company director Gilbert Davila to Cracker Barrel’s board — a board, FYI, that Biglari has been pining for a seat on.

“We believe accountability and stewardship have been deemed of little importance by the Cracker Barrel Board,” the filing reads. “Shareholders need to send a strong message to the board for failing to get rid of a manager who is worse than mediocre.”

Cracker Barrel is not happy with Biglari’s meddling.

“This billboard was put up by a man named Sardar Biglari, who runs Steak ‘n Shake, Western Sizzlin’, and Maxim Magazine, and is exactly the sort of stunt we would expect from him,” the company said in a statement to WSMV.

“For fourteen years, our shareholders have rejected his self-serving campaigns against Cracker Barrel. Launching personal attacks from billboards to attempt to disrupt a business like Cracker Barrel is not what serious or well-intentioned investors do and not what Tennesseans expect or deserve,” the statement continued.

While Biglari has been attacking the company for a while, his attacks ramped up recently after Masino approved a “woke” logo redesign that outraged Cracker Barrel’s fans and led to its stock dropping.

Sometimes, people want to change things just to put their own personality on things. At CB, their goal is to just delete the personality altogether. Hence, the elimination of the “old-timer” from the signage. Heritage is what got Cracker Barrel this far, and now the CEO wants to… pic.twitter.com/Aoml8ZOfuT

— Steak ‘n Shake (@SteaknShake) August 21, 2025

Meanwhile, Biglari released a letter last year through Bilgari Capital Corp., accusing Cracker Barrel’s board of destroying shareholder value.

“Cracker Barrel is in perilous times,” the letter read. “Not only is a change to its Board warranted but we believe it is also mandatory for the sake of the Company’s future.”

“The proof is in the stock performance — in absolute terms and relative to its peers — over one-, three-, and five-year time periods,” the letter continued.

Senior Staff Writer
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V. Saxena is a staff writer for BizPac Review with a decade of experience as a professional writer, and a lifetime of experience as an avid news junkie. He holds a degree in computer technology from Purdue University.

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