As an activist, Sardar Biglari has taken stakes in various companies, and, when he hasn’t gotten his way, pushed his agenda in the name of good governance. See, for example, the recent amendment by the Chairman and CEO of Biglari Holdings(BH), of his 13D on Cracker Barrel(CBRL). Emphasis is added:
On August 16, 2012, BH delivered a letter to the Secretary of the Issuer nominating Sardar Biglari and Philip L. Cooley to stand for election to the Board of Directors of the Issuer (the “Board”) at its 2012 annual meeting of stockholders (the “2012 Annual Meeting”). The Reporting Persons have had and will continue to have discussions with the Issuer about representation on the Board. The Reporting Persons continue to believe that the Board requires directors who have a meaningful ownership interest in the Issuer as well as highly consequential industry experience. The Reporting Persons are committed to seeking such representation for the benefit of all shareholders without the need for a costly proxy contest. As a consequence, the Reporting Persons have communicated to the Issuer’s CEO and recently designated Independent Chairman their desire for two Board seats, their interest to work constructively with the Board, and their interest in avoiding a costly proxy contest. The Reporting Persons are awaiting the Issuer’s response and maintain that all shareholders’ best interests lie in a favorable outcome.
- Sardar Biglari Adds Another Puppet To Biglari Holdings Board, Fails To Disclose Ties (inelegantinvestor.com)
- Cracker Barrel Adds Another New Board Member; Name Is Still Not Sardar Biglari (inelegantinvestor.com)