Egan-Jones advises withholding votes from Jack in the Box directors

Egan-Jones Proxy Services recommended shareholders of Jack in the Box Inc. (NASDAQ: JACK) withhold votes from six directors, including Chairman David Goebel, citing a -76% total shareholder return over the past two years.

The proxy advisory firm targeted directors Guillermo Diaz Jr., Madeleine Kleiner, Michael Murphy, James Myers, and Vivien Yeung alongside Goebel, according to a statement from Egan-Jones.

Jack in the Box acquired Del Taco for $585 million in March 2022 but divested the business in December 2025 for approximately $115 million. The company launched its JACK on Track strategic plan in April 2025 to simplify operations and reduce leverage.

Same-store sales declined 7.4% year-over-year in the fourth quarter of fiscal 2025. The company closed 51 locations in fiscal 2025, falling short of its announced target of 80 to 120 store closures.

Egan-Jones noted the company maintains a debt service coverage ratio below one for each of the last two fiscal years. The firm attributed performance issues to declining customer traffic and what it characterized as inconsistent branding strategy.

Egan-Jones Proxy Services provides proxy-voting analysis and recommendations for institutional investors.

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