Key Takeaways
- Julie Masino exits as CEO following three years of controversy, including a logo backlash and declining revenues.
- David Deno, who previously led Bloomin’ Brands, assumes the CEO position on August 10.
- Shares declined 5.4% to $50.82 on Monday after the leadership change was disclosed.
- Prior to Monday’s selloff, shares had surged nearly 100% this year following positive earnings results and improved guidance.
- The chain recently announced plans to exit the Maple Street Biscuit business and completed a sale-leaseback transaction involving 26 properties.
Cracker Barrel revealed Monday that CEO Julie Masino will be departing the company, triggering a negative market response. Shares of CBRL tumbled 5.4% to reach $50.82 by midday trading.
Cracker Barrel Old Country Store, CBRL
The company has tapped David Deno, 69, to fill the top executive role starting August 10. Deno brings substantial industry experience, having served as CEO of Bloomin’ Brands — the company behind Outback Steakhouse. He will simultaneously join the board.
Masino, age 55, was brought aboard in 2023 with an ambitious agenda to refresh the traditional brand and attract a younger demographic. Her strategy encompassed a redesigned logo, updated menu offerings, and the removal of vintage décor that had long characterized the restaurants.
The logo redesign proved particularly controversial. President Trump weighed in with criticism, and widespread backlash across social media platforms compelled Masino to abandon the change. The company subsequently experienced significant declines in both revenue and profitability.
During the worst period, shares plummeted more than 50% in 2025. The stock remained depressed even compared to pre-controversy levels.
Momentum Interrupted by Leadership Transition
Notwithstanding these challenges, Cracker Barrel’s operational performance had begun demonstrating improvement. Before Monday’s announcement, the stock had climbed nearly 100% since the start of the year, bolstered by earnings that exceeded expectations and an enhanced full-year forecast.
Just last week, management indicated confidence in achieving or surpassing the upper boundary of its revenue projection range of $3.27 billion to $3.30 billion for the fiscal year concluding in July.
Shareholder activist Sardar Biglari had campaigned for Masino’s ouster last year, arguing she mismanaged capital deployment. Despite his efforts, shareholders backed her retention in a November vote, though one board member was ousted.
Monday’s announcement timing surprised market observers. “This is a bit of a surprising move given the brand appeared to be gaining some same-store sale momentum,” Citi analysts wrote in a note.
Masino will remain with the organization in an advisory capacity through October 9 to facilitate the leadership handoff. The company disclosed that she will receive severance compensation and associated benefits.
New CEO’s Credentials
Deno brings four decades of expertise spanning restaurant operations and retail management. He served as Bloomin’ Brands’ chief executive from 2019 through 2024. His career also includes leadership positions at Best Buy, Yum! Brands, and Pizza Hut.
Last week, Cracker Barrel additionally revealed its intention to divest the Maple Street Biscuit operation — a strategic shift that Biglari had advocated — acknowledging it had become a distraction with insufficient sales contribution.
The restaurant chain also completed the sale of 26 company-operated properties, which it will now lease back. While this sale-leaseback arrangement provided debt relief, analysts observed it increased the company’s long-term financial commitments.
Through Friday’s market close, CBRL shares had doubled from year-to-date starting levels. Monday’s 5.4% decline diminishes those gains somewhat, though the stock remains substantially higher than its 2025 floor.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
