Cracker Barrel to pay for outgoing CEO’s security, $4.6M severance after failed rebrand - Fox Business

What the report says

Fox Business reported that Cracker Barrel Old Country Store will pay outgoing CEO Julie Masino $4.63 million in severance and cover protective services for a limited period after she leaves the company. The terms were disclosed in a transition agreement filed with the Securities and Exchange Commission. Masino is scheduled to step down as chief executive on Aug. 10 and remain as an adviser until Oct. 9.

The company said David Deno will take over as CEO. In Cracker Barrel’s announcement, independent board chairman Carl Berquist thanked Masino for her service and said the company valued her help in managing the leadership change. Deno described Cracker Barrel as an iconic American brand with a long-standing connection to guests across generations.

The leadership transition follows backlash over a rebranding effort that included removing the “Old Timer” figure from the logo and changing some restaurant interiors. Fox Business reported that the plan was part of a broader $700 million overhaul across more than 660 locations, including menu updates and efforts to simplify dining rooms. The company later reversed course on the logo after customer criticism.

The change matters because Cracker Barrel is still working to regain momentum after the controversy. According to the company’s recent third-quarter results cited by Fox Business, comparable-store sales fell 2.6% and traffic declined 6.7%, though executives said the traffic trend had begun to improve. Deno will inherit a brand trying to balance modernization with the nostalgia that has long shaped its customer appeal.