The Steak n Shake Company announced that its current board member, Sardar Biglari, has been appointed Chairman of the Board of Directors, replacing interim Chairman Wayne L. Kelley. Mr. Kelley will remain on the Board of Directors and will retain his position as Interim CEO until the Company concludes its search for a permanent CEO.

“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.

News, Steak 'n Shake