Jack in the Box Shareholders Elect Company's Board Nominees, Fending Off Proxy Battle

Dow Jones03-03

By Elias Schisgall

Jack in the Box shareholders elected all 10 of the company's nominees for the board of directors, fending off a proxy battle from an activist investor who urged shareholders to reject Chief Executive David Goebel's nomination.

Goebel, however, will not stand for re-election at the 2027 shareholder meeting, the company said.

The company's board also elected Mark King as an independent chairman, succeeding Goebel.

Activist Sardar Biglari and his firm Biglari Capital, which has a roughly 10% stake in Jack in the Box, had urged shareholders not to reelect Goebel and last week called for his immediate resignation.

The proxy-services arm of Egan-Jones Ratings also advised shareholders to withhold votes from six of the company's nominees, including Goebel, citing governance failures and weak strategic execution.

Jack in the Box said Monday that its shareholders had also approved each of the company's proposals. It said the results are preliminary and have not yet been tabulated and certified.

King said the company remains committed to executing its "JACK on Track" plan and improving its financial performance. Shares have fallen 57% in the past year.

Write to Elias Schisgall at elias.schisgall@wsj.com

(END) Dow Jones Newswires

March 02, 2026 17:01 ET (22:01 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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