Cracker Barrel has announced that Chief Executive Julie Masino will step down from her role in August. David Deno, the former head of Bloomin' Brands, has been appointed to lead the Tennessee-based restaurant chain. Masino is expected to remain with the company until October to assist with the leadership transition.
The departure follows a tumultuous period for the brand, which operates nearly 660 locations across 44 states. Last year, the company faced significant public criticism after attempting to modernize its store interiors and simplify its classic logo. Longtime customers and critics, including President Donald Trump, argued that the changes undermined the company's traditional Southern identity. The brand previously faced similar pushback in 2022 when it introduced plant-based sausage to its menu.
According to a company 8-K filing, Masino will receive a departure package valued at approximately $4.6 million. The leadership change occurs as the chain navigates a difficult financial climate, with shares down roughly 20% compared to the previous year. The company is currently contending with declining sales, reduced customer traffic, and rising operational costs, alongside stiff competition from rivals such as IHOP and Denny's.
Jo-Ellen Pozner, an associate professor at Santa Clara University, noted that the company is in a precarious position, as any attempt to evolve its branding or menu risks alienating its core customer base. Incoming CEO David Deno stated that he intends to focus on the chain's "deep connection with guests across generations."
Source: BBC News
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