Jody L. Bilney Joins Cracker Barrel Board
Tenn. and SAN ANTONIO,
Texas, Sept. 28, 2022 /PRNewswire/ -- Cracker
Barrel Old Country Store, Inc. (Nasdaq: CBRL) ("Cracker Barrel" or
the "Company") and Biglari Capital Corp., together with other
affiliated entities including Biglari Holdings Inc. (NYSE: BH.A;
BH) (collectively, "Biglari"), announced that they have entered
into a Nomination and Cooperation Agreement (the "Agreement").
Under the terms of the Agreement, the Company has expanded the
Company's Board to eleven directors and appointed Jody L. Bilney, one of Biglari's nominees, as a
director, effective immediately.
Ms. Bilney currently serves on the boards of directors of Chuy's
Holdings, Inc., Masonite International Corporation, Alignment
Healthcare, Inc., and several private companies. During the course
of a long and successful career across multiple industries, Ms.
Bilney served as the chief marketing officer for Humana Inc., the
chief brand officer for Bloomin' Brands, Inc., and a senior
executive at The Charles Schwab Corporation and Verizon
In addition to appointing her to the Board, the Company has
agreed to include Ms. Bilney on its slate of directors to be voted
upon by Cracker Barrel's shareholders at its annual meetings to be
held in 2022 and 2023, and to appoint her to one or more standing
committees of the Board in accordance with its normal practices.
The Company will reimburse Biglari up to $500,000 for its expenses in connection with
pursuing its director nominations.
Under the terms of the Agreement, Biglari has agreed to
customary standstill restrictions that will be in effect until
February 29, 2024 as to certain
obligations, and thirty business days prior to the deadline for
nominating candidates to be voted upon at the Company's 2024 annual
meeting of shareholders with respect to certain other obligations.
The Company has also agreed to certain obligations, which are
contained in the Agreement.
A complete copy of the Agreement will be filed by the Company
with the SEC as an exhibit to a Current Report on Form 8-K.
About Cracker Barrel Old Country
Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) provides a
caring and friendly home-away-from-home experience while offering
guests high-quality homestyle food to enjoy in-store or to-go and
unique shopping — all at a fair price. Established in 1969 in
Lebanon, Tenn., Cracker Barrel and
its affiliates operate more than 660 company-owned Cracker Barrel
Old Country Store® locations in 45 states and own the fast-casual
Maple Street Biscuit Company. For more information about the
Company, visit crackerbarrel.com.
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SOURCE Cracker Barrel Old Country Store, Inc.