Cracker Barrel CEO Julie Masino to receive $4.6 million severance as David Deno assumes leadership
Julie Masino will step down as chief executive of Cracker Barrel and receive a $4.63 million severance package, while the company appoints David Deno as her successor amid ongoing recovery from a recent rebranding effort.
Cracker Barrel announced that chief executive Julie Masino will resign effective Aug. 10 and will serve in an advisory capacity until Oct. 9. Under a transition agreement filed with the U.S. Securities and Exchange Commission, Masino is slated to receive $4.63 million in severance over the two years following her departure, and the company will continue to fund protective services for a reasonable period after her advisory role ends.
The leadership change follows a rebranding initiative launched last year that altered the company’s logo and restaurant interiors as part of a $700 million overhaul of its more than 660 locations. The effort was reversed after customer pushback and a decline in sales.
Board chairman Carl Berquist thanked Masino for her leadership and partnership in ensuring a smooth transition. New CEO David Deno described Cracker Barrel as “a truly iconic American brand, defined by its unique combination of warm country hospitality, timeless appeal, and deep connection with guests across generations.”
Cracker Barrel’s third-quarter earnings report indicated that while traffic to its restaurants is improving, it remains below pre-rebrand levels. CFO Craig Pommells said comparable store sales fell 2.6% and traffic declined 6.7%, but noted “gradual improvement in the underlying trend.”