Cracker Barrel announces CEO transition as turnaround gains momentum

Cracker Barrel Old Country Store said it will replace CEO Julie Masino with former Bloomin' Brands chief David Deno on Aug. 10, while Masino will stay on as an adviser through Oct. 9 to aid the transition. The change follows the chain's recent strategic actions, including a sale-leaseback of 26 owned restaurant sites that generated roughly $77 million for debt reduction, and the sale of most of its Maple Street Biscuit Company business to Biscuit Belly along with the closure of 16 remaining Maple Street locations. > "Our sale-leaseback transaction will allow us to opportunistically reduce debt while monetizing a portion of our owned real estate at an attractive valuation," Masino said in a statement, adding that divesting Maple Street sharpens focus on the core Cracker Barrel brand and should improve profitability. The moves come after the company faced customer criticism last summer over logo and remodel changes, prompting a return to its traditional "Old Timer" logo and interior design. Industry reports indicate the turnaround is gaining steam, with Cracker Barrel expecting to meet or exceed the high end of its revenue guidance and to surpass its adjusted EBITDA forecast for fiscal year 2026, despite sales remaining slightly below the prior year. The company declined further comment.