San Antonio, January 16, 2026
Sardar Biglari, CEO of Biglari Holdings, has abandoned his nomination of Douglas Thompson for the Jack in the Box board after Thompson’s recent appointment at CAVA. Despite this setback, Biglari is determined to continue discussions regarding board composition and may nominate a new candidate later. The company has implemented a ‘poison pill’ strategy to guard against unwanted takeovers, marking a notable moment in the dynamic corporate governance landscape.
San Antonio Investor Withdraws Jack in the Box Board Nominee Amid Ongoing Activist Efforts
San Antonio, Texas – Sardar Biglari, the founder and CEO of Biglari Holdings, has withdrawn his nomination of Douglas Thompson for a position on Jack in the Box’s board of directors. This decision follows Thompson’s recent appointment as Chief Operations Officer at CAVA, a move that precludes his candidacy. Despite this setback, Biglari intends to continue discussions with Jack in the Box regarding board composition and may consider nominating an alternative candidate in the future.
Background on Biglari’s Involvement with Jack in the Box
Biglari Holdings, under the leadership of Sardar Biglari, has been actively involved with Jack in the Box, holding a significant stake in the company. In October 2025, Biglari Capital Corp. submitted a notice of intent to nominate both Sardar Biglari and Douglas Thompson to the board at the upcoming annual meeting. However, following Thompson’s new role at CAVA, Biglari withdrew his nomination.
Jack in the Box’s Response to Activist Engagement
In response to Biglari’s involvement, Jack in the Box’s Board of Directors adopted a limited-duration stockholder rights plan, commonly known as a “poison pill.” This strategy is designed to prevent hostile takeovers by diluting the ownership interest of any shareholder who acquires more than a specified percentage of shares without board approval. The plan was implemented after Biglari disclosed his 9.9% ownership stake in the company.
Implications for Shareholders and the Industry
The withdrawal of Thompson’s nomination does not signify the end of Biglari’s activist efforts. Shareholders should remain attentive to potential future developments, as Biglari has indicated his intention to continue engaging with Jack in the Box regarding board composition. The situation underscores the ongoing trend of activist investors seeking to influence corporate governance in the restaurant industry.
About Sardar Biglari and Biglari Holdings
Sardar Biglari is an Iranian-born American entrepreneur and investor, known for his activist investment strategies. He founded Biglari Holdings, a diversified holding company with interests in various sectors, including restaurants, insurance, and energy. Biglari has a history of engaging in activist campaigns, notably with Cracker Barrel and El Pollo Loco, aiming to influence corporate strategies and governance structures.
About Jack in the Box
Jack in the Box is a San Diego-based fast-food restaurant chain operating over 2,200 locations across the United States. The company offers a diverse menu, including burgers, tacos, and breakfast items, and has been a significant player in the quick-service restaurant industry for decades.
Conclusion
The withdrawal of Douglas Thompson’s nomination by Sardar Biglari highlights the dynamic nature of corporate governance and the influence of activist investors. While this particular nomination has been retracted, the broader conversation about board composition and shareholder influence in the restaurant industry continues to evolve.
FAQ
What is the current stock price of Jack in the Box?
The current stock price of Jack in the Box (JACK) is $23.52 USD, with a change of $0.91500 (4.05%) from the previous close. The intraday high is $23.86 USD, and the intraday low is $22.26 USD. The latest trade time is Friday, January 16, 2026, at 01:15:00 UTC.
Who is Sardar Biglari?
Sardar Biglari is an Iranian-born American entrepreneur and investor, known for his activist investment strategies. He founded Biglari Holdings, a diversified holding company with interests in various sectors, including restaurants, insurance, and energy. Biglari has a history of engaging in activist campaigns, notably with Cracker Barrel and El Pollo Loco, aiming to influence corporate strategies and governance structures.
What is a “poison pill” in corporate governance?
A “poison pill” is a defense strategy used by companies to prevent hostile takeovers. It involves implementing measures that make the company less attractive or more difficult to acquire without the approval of the board of directors. In Jack in the Box’s case, the adoption of a limited-duration stockholder rights plan was designed to dilute the ownership interest of any shareholder who acquires more than a specified percentage of shares without board approval.
What is the significance of Biglari’s withdrawal of Thompson’s nomination?
The withdrawal of Douglas Thompson’s nomination indicates a shift in Biglari’s approach to influencing Jack in the Box’s board composition. While this specific nomination has been retracted, Biglari has expressed intentions to continue engaging with the company regarding board composition, suggesting ongoing activist efforts that may impact corporate governance in the future.
Key Features
| Feature | Details |
|---|---|
| Investor Involved | Sardar Biglari, founder and CEO of Biglari Holdings |
| Company Targeted | Jack in the Box |
| Nominee Withdrawn | Douglas Thompson, due to his appointment as COO at CAVA |
| Board Defense Strategy | Jack in the Box adopted a “poison pill” strategy to prevent hostile takeovers |
| Investor’s Intentions | Biglari intends to continue discussions with Jack in the Box regarding board composition and may nominate an alternative candidate |
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