Proxy advisory firm Egan-Jones recommended that Cracker Barrel (CBRL) shareholders vote against five incumbent directors, including chief executive officer Julie Masino and Chairman Carl Berquist, ahead of the company's Nov. 20 annual meeting, according to a statement Friday from Biglari Capital.

Egan-Jones cited weak financial performance, falling traffic, and what it called a "death spiral" of rising costs and declining profitability. The advisory firm said total shareholder return has dropped 70% since early 2020, while net income fell nearly 80% in fiscal 2025.

The firm also criticized management's "failed" strategic transformation plan, citing lower guidance and a roughly 50% decline in market capitalization since Masino's appointment.

Biglari Capital, which has urged shareholders to support board changes, said the proxy advisor's report validates its call for new leadership to reverse Cracker Barrel's "continued destruction of shareholder value."

Cracker Barrel did not immediately respond to MT Newswires' request for comment on the matter.

Shares of the company rose 2.25% in recent Friday trading.

Price: 31.75, Change: +0.65, Percent Change: +2.09