Cracker Barrel CEO Julie Masino to step down - Fox Business

What the report says

Fox Business reported that Cracker Barrel Old Country Store CEO Julie Masino will leave the top job effective Aug. 10, with David Deno set to take over as chief executive. Masino is expected to remain with the company as an adviser until Oct. 9 to assist with the transition.

The company’s independent board chairman, Carl Berquist, said Cracker Barrel selected Deno after a search process and cited his long experience in restaurants and retail, including work tied to growth, operations, customer experience and employee engagement. Deno, in the company’s announcement, described Cracker Barrel as a well-known American brand and said his priorities would include improving guest experiences and pursuing profitable growth.

The leadership change comes after a difficult stretch for the Lebanon, Tennessee-based restaurant and retail chain. Fox Business noted that Masino’s tenure included a rebranding effort that drew backlash last summer, including removal of the “old timer” figure from the logo and changes to restaurant interiors. The broader plan was described as part of a $700 million refresh across more than 660 locations, including menu updates and less-cluttered dining rooms. Cracker Barrel later reversed parts of the rebrand, with Masino acknowledging the effort had not landed as intended.

Fox Business also reported that Cracker Barrel has faced weaker sales and traffic, though some recent results exceeded Wall Street expectations. The company recently moved to reduce debt and improve profitability by selling Maple Street Biscuit Company, closing remaining Maple Street restaurants and completing a sale-leaseback involving 26 owned properties that generated about $77 million in net proceeds. Shares were down Monday morning, though still sharply higher since the start of the year.