Activist Hedge Fund Wins Steakhouse Seats
March 25, 2008
Activist hedge fund manager Sardar Biglari is cooking up a shake-up at Steak n Shake.
Earlier this month, Biglari and Philip Cooley, an advisory director at his San Antonio, Texas-based hedge fund Biglari Capital, won election to the board of the Indianapolis-based steakhouse chain, defeating Steak n Shake’s chairman (and interim CEO) and a former CEO.
Alan Gilman, the now-former interim CEO, was replaced in that position by CFO Jeffrey Blade. Gilman had served as either chairman or CEO of the company since 1992. Also losing his seat was James Williamson, who led Steak n Shake as CEO from 1985 until 1990.
Biglari’s Lion Fund owns 8.5% of Steak n Shake, but his coup is unlikely to be completed any time soon: Under new bylaws adopted in January, 80% of the company’s shares are needed to call a special meeting—at which any or all board members could be replaced—as opposed to 25%.
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