INDIANAPOLIS Activist shareholder Sardar Biglari has assumed the chairmanship of Steak n Shake Co., a 502-unit family restaurant operator that he has long criticized as being mismanaged and undervalued. He assumes the responsibility from interim chairman Wayne L. Kelley, who will continue to serve as interim chief executive until a permanent replacement has been named. Kelley also retained his board seat. Biglari, who also serves as chairman of the family-dining company Western ...

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