Company Announcements

17 Years of Failed Leadership Cannot Be Undone in One More Year

SAN ANTONIO , Feb. 26, 2026 /PRNewswire/ -- Biglari Capital Corp. ("Biglari Capital"), the largest shareholder of Jack in the Box Inc. (NasdaqGS: JACK), with a 9.86% ownership stake, issues this urgent call to action: Shareholders must vote AGAINST the re-election of Chairman David Goebel at tomorrow's annual meeting.

The Time for Accountability Is Now
Under David Goebel's tenure as chairman, JACK shareholders have lost approximately $1.8 billion of shareholder value.

Shareholder Loss Is Mr. Goebel's Gain
In the last five years alone, the very years in which JACK lost 80% of its value, Mr. Goebel collected $1.5 million in total compensation. And now JACK is wasting $5 million of shareholder capital to defend the director most responsible for the Company's precarious financial position. Shareholders bore all the losses; Mr. Goebel bore none of them.

It is Time to Hold Mr. Goebel Accountable
Shareholders must acknowledge that after 17 years of failed leadership. Mr. Goebel will not suddenly generate positive returns given one more year.

The chairman has a negligible stake, yet he has caused the company to spend $5 million to retain his directorship.

His continued presence on the Board constrains meaningful boardroom discussion, blocking the fresh perspectives JACK urgently needs.

Removing Chairman Goebel Opens the Door to Real Change
If Mr. Goebel is removed from the Board, the possibility of genuine, unconstrained board discussion on how to change the Company's trajectory becomes real. We believe the market will react positively to his removal — a signal that entrenchment is ending and accountability has arrived.

One more year of Mr. Goebel's influence risks pushing JACK into financial distress from which it may be difficult to recover. The company has already been forced to suspend dividends and close 150–200 stores. This is not a moment for delay. This is a time for accountability. Shareholders must send the Board a message that performance must change. Do not support failure.

VOTE AGAINSTDAVID GOEBEL. VOTE NOW.

If you have already voted, you can still change your vote before midnight ET. Only your last dated vote counts.

Contact: info@saratogaproxy.com

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SOURCE Biglari Capital