Overview
- Shareholders re-elected nine of ten board nominees, including CEO Julie Felss Masino, at Thursday’s annual meeting.
- Independent director Gilbert Dávila stepped down after preliminary results showed he lost his reelection bid, reducing the board to nine members.
- Proxy advisers ISS and Glass Lewis recommended votes against Dávila, and Glass Lewis also opposed director Jody Bilney.
- Activist investor Sardar Biglari, who owns about 3% of the company, had campaigned to remove both Masino and Dávila and claimed a partial victory.
- The vote followed an August logo overhaul that was quickly reversed, suspended remodels, and company guidance pointing to traffic declines into fiscal 2026.