Cracker Barrel Old Country Store announced on Monday that Chief Executive Officer Julie Masino will step down on August 10, with former Bloomin' Brands chief David Deno appointed as her successor.
Masino, who took the helm in 2023 after leading Taco Bell's international operations, will remain with the restaurant chain in an advisory capacity until October 9 to assist with the leadership transition.
The executive change follows a tumultuous period marked by a controversial rebranding campaign last summer, which involved removing the classic logo character and decluttering store interiors as part of a $700 million overhaul across its 660-plus locations.
Public backlash over the design changes erased nearly $100 million in market value, forcing the company to reverse course within a week, while subsequent earnings reports revealed declining quarterly revenue and sales slumps.
To reduce debt and improve profitability, Cracker Barrel recently sold its Maple Street business to Biscuit Belly LLC, closed 16 locations, and completed a $77 million sale-leaseback transaction involving 26 company-owned properties.
Deno brings over four decades of industry experience, including previous executive roles at Yum!
Brands, Best Buy, and Burger King, alongside current board positions at Krispy Kreme and Panera Brands.
"Following a robust and thoughtful search process, we are pleased to welcome David as Cracker Barrel's next CEO," said Carl Berquist, independent Chairman of the Cracker Barrel Board.
Berquist highlighted Deno's track record of operational leadership across the retail and dining sectors.
"He brings decades of experience across the restaurant and retail industries, with a strong track record of leading businesses through growth and a demonstrated commitment to operational excellence, guest experience, and team member engagement," said Berquist.
The board chairman expressed confidence in Deno's ability to drive long-term financial performance for the company.
"We are confident David is the right leader to continue building on the Cracker Barrel legacy, drive further positive momentum operationally and financially, and create sustainable value for our shareholders," said Berquist.
Berquist also acknowledged the outgoing chief executive's contributions during her tenure.
"On behalf of the Board and the entire company, I want to thank Julie for her leadership and commitment to Cracker Barrel," said Berquist.
He noted that the company appreciated her cooperation during the management shift.
"We also appreciate her partnership to ensure a smooth leadership transition as we remain focused on the work underway to continue to serve our guests, support our employees, and execute our strategic priorities," said Berquist.
The incoming chief executive outlined his vision for the company following the appointment.
"Cracker Barrel is a truly iconic American brand, defined by its unique combination of warm country hospitality, timeless appeal, and deep connection with guests across generations," said David Deno, incoming CEO of Cracker Barrel.
Deno emphasized his intent to focus on core operations and brand growth.
"I am honored to lead the Cracker Barrel team and look forward to unlocking the full potential of this remarkable brand," said Deno.
He added that operational execution would remain the primary objective.
"Together, we will stay focused on delivering delicious food and exceptional experiences for our guests, while driving profitable growth," said Deno.
