Cracker Barrel’s CEO is stepping down nearly a year after an attempted rebrand of the chain led to a fierce customer backlash.
Cracker Barrel said Monday that CEO Julie Masino will step down next month but remain with the company until Oct. 9 in an advisory capacity.
David Deno will succeed Masino on Aug. 10 as CEO. Deno served as the CEO of Bloomin’ Brands, which owns Outback Steakhouse and other chains, from 2019 until he retired in 2024. He has also held executive roles at Best Buy and Yum Brands, which is the parent company of KFC and Taco Bell.
Lebanon, Tennessee-based Cracker Barrel hired Masino, a longtime Taco Bell and Starbucks executive, in July 2023. She was chosen for her record as an innovator with the hope that she would attract new customers to Cracker Barrel, which operates nearly 660 restaurants in 43 states.
Masino introduced updated menu items, like Hashbrown Casserole Shepherd’s Pie, to increase Cracker Barrel’s dinnertime traffic. She also started remodeling the company’s dark, antique-filled restaurants, lightening the walls and installing more comfortable seating.
Then, last August, Cracker Barrel announced plans to ditch its longtime logo, which features an older, overall-clad man leaning on a barrel as well as the words “Old Country Store.” The company said it would continue to honor Uncle Herschel — the man in its logo, who represents the uncle of Cracker Barrel’s founder — on its menu and on items sold in its stores. But the new logo would be simpler and easier to read on road signs and in phone apps.
The backlash was immediate. Fans didn’t like the new logo and also rebelled against the store redesigns. Even President Donald Trump weighed in, saying in a Truth Social post that Cracker Barrel “should go back to the old logo, admit a mistake based on customer response (the ultimate Poll), and manage the company better than ever before.”
Masino reversed course within a few days, but the damage was done. Cracker Barrel’s same-store restaurant sales plunged 5% last fall and 7% in the quarter ending Jan. 30. Same-store sales at the retail stores connected to its restaurants dropped even further.
Still, the company’s shareholders voted in November to keep Masino in place as CEO, and sales trends had begun to improve in recent months. In the quarter ending May 1, same-store restaurant sales were down 2.6% and the company raised its full-year revenue and profit forecast.
Masino also helped sharpen the company’s focus on the Cracker Barrel brand with the sale of the company’s Maple Street Biscuit Co. stores. Cracker Barrel acquired Maple Street in 2019 and operated 50 locations around the country.
Citi analyst Jon Tower said in a research note Monday that the news of Masino’s departure was surprising given those recent improvements.
Cracker Barrel shares fell 2.7% in early afternoon trading.
