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"On behalf of Steak n Shake, I would like to welcome Mr. Biglari as the Company's new Chairman. We look forward to working together to improve the performance of the Company," Kelley says.
"As Steak n Shake's new Chairman, I wholeheartedly look forward to helping lead the Company to the creation of value for all its shareholders. While one of the Board's and my immediate responsibilities centers on attracting a highly qualified CEO, we will begin by taking needed steps to close the gap between Steak n Shake's intrinsic business value and its stock price, which we believe considerably underrates that value," Biglari states.