Cracker Barrel to fund security for departing CEO and pay $4.6 million exit package

Cracker Barrel announced that it will maintain security protection for outgoing chief executive Julie Felss Masino for an indefinite period, as long as the board deems it "reasonably necessary," according to a regulatory filing. Masino, who will step down on Aug. 10 and remain in an advisory role through the fall, is also slated to receive $4.6 million in exit payments over two years, the filings show.

The company is also preparing a compensation package for incoming CEO David Deno that includes a $1 million annual salary, $465,000 in relocation expenses to Nashville, Tennessee, a corporate apartment, and bi-monthly travel to his home in St. Petersburg, Florida, for up to six months.

Cracker Barrel did not comment on the total amount already spent on Masino’s security. The chain has faced criticism after a recent branding initiative that altered its restaurant design and logo, which was later reversed.

Security arrangements for former CEOs are uncommon, but analysts noted that the provision may have been part of Masino’s departure negotiations. "Having a company pay for post-terminated CEO security is rare," said R.J. Bannister, partner and chief operating officer at Farient Advisors.

Industry experts observe a broader trend of heightened security spending among large corporations following a series of high-profile threats and attacks on executives in recent years.