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Cracker Barrel CEO Julie Masino to Step Down, Receives $4.63 Million Severance After Rebrand Fallout
On Monday, Cracker Barrel Old Country Store Inc. announced a leadership change that could reshape the nation’s favorite roadside stop. Chief executive Julie Felss Masino will resign effective August 10 2026, and the chain has tapped former Bloomin’ Brands chief executive David Deno to take the helm and join the board.
In a transition agreement filed with the U.S. Securities and Exchange Commission, Cracker Barrel disclosed that Masino will receive $4.63 million in severance payments spread over the two years following her departure. The filing also notes that the company will continue to fund Masino’s protective services for a “reasonable period of time” after her advisory role ends on October 9.
Masino’s exit comes in the wake of a year‑long rebranding effort that sparked significant customer backlash and a decline in sales. The overhaul, worth an estimated $700 million, removed the iconic “old timer” figure from the logo, reworked restaurant interiors, refreshed the menu, and decluttered dining rooms. The changes rolled out across more than 660 locations, but loyal patrons reacted negatively, driving traffic down.
“We 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 Carl Berquist, independent chairman of the board.
David Deno, who led Bloomin’ Brands from 2019 to 2024, said the chain is “a truly iconic American brand, defined by its unique combination of warm country hospitality, timeless appeal, and deep connection with guests across generations.” Deno will assume the CEO role on August 10 and will remain on the board.
Cracker Barrel’s third‑quarter earnings released last month showed modest improvement in traffic relative to the recent trend, but sales were still below the prior year. Chief financial officer Craig Pommells noted that comparable store sales fell 2.6 percent, while traffic was down 6.7 percent. Pommells added that, “Although traffic remained negative, we are encouraged by the gradual improvement in the underlying trend.”
The company’s stock, ticker CBRL, rose 5.09 percent on the day of the announcement, closing at $56.55.
The rebranding controversy also prompted Cracker Barrel to sell Maple Street Biscuit Company and close 16 of its locations, further tightening the chain’s focus on core operations.
Masino’s severance package and security coverage are part of a broader effort to stabilize the company’s leadership during a period of recovery. The transition agreement, filed with the SEC, is the first public detail of the financial terms of her departure.
The board has emphasized that the new leadership will prioritize restoring customer confidence and reversing the decline in traffic. No further details have been released about the timeline for the security coverage or the specific conditions of the advisory role.
As Cracker Barrel moves forward under Deno, investors and analysts will watch how the company balances the legacy of its traditional brand with the need to adapt to changing consumer preferences. The outcome of this transition will likely influence the broader restaurant industry’s approach to brand evolution and executive succession.
The current situation remains that Masino will step down on August 10, serve as an advisor until October 9, and receive a total of $4.63 million in severance. David Deno will assume the CEO position on August 10, and the company will continue to monitor traffic and sales trends as it seeks to rebuild its market position.
In a transition agreement filed with the U.S. Securities and Exchange Commission, Cracker Barrel disclosed that Masino will receive $4.63 million in severance payments spread over the two years following her departure. The filing also notes that the company will continue to fund Masino’s protective services for a “reasonable period of time” after her advisory role ends on October 9.
Masino’s exit comes in the wake of a year‑long rebranding effort that sparked significant customer backlash and a decline in sales. The overhaul, worth an estimated $700 million, removed the iconic “old timer” figure from the logo, reworked restaurant interiors, refreshed the menu, and decluttered dining rooms. The changes rolled out across more than 660 locations, but loyal patrons reacted negatively, driving traffic down.
“We 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 Carl Berquist, independent chairman of the board.
David Deno, who led Bloomin’ Brands from 2019 to 2024, said the chain is “a truly iconic American brand, defined by its unique combination of warm country hospitality, timeless appeal, and deep connection with guests across generations.” Deno will assume the CEO role on August 10 and will remain on the board.
Cracker Barrel’s third‑quarter earnings released last month showed modest improvement in traffic relative to the recent trend, but sales were still below the prior year. Chief financial officer Craig Pommells noted that comparable store sales fell 2.6 percent, while traffic was down 6.7 percent. Pommells added that, “Although traffic remained negative, we are encouraged by the gradual improvement in the underlying trend.”
The company’s stock, ticker CBRL, rose 5.09 percent on the day of the announcement, closing at $56.55.
The rebranding controversy also prompted Cracker Barrel to sell Maple Street Biscuit Company and close 16 of its locations, further tightening the chain’s focus on core operations.
Masino’s severance package and security coverage are part of a broader effort to stabilize the company’s leadership during a period of recovery. The transition agreement, filed with the SEC, is the first public detail of the financial terms of her departure.
The board has emphasized that the new leadership will prioritize restoring customer confidence and reversing the decline in traffic. No further details have been released about the timeline for the security coverage or the specific conditions of the advisory role.
As Cracker Barrel moves forward under Deno, investors and analysts will watch how the company balances the legacy of its traditional brand with the need to adapt to changing consumer preferences. The outcome of this transition will likely influence the broader restaurant industry’s approach to brand evolution and executive succession.
The current situation remains that Masino will step down on August 10, serve as an advisor until October 9, and receive a total of $4.63 million in severance. David Deno will assume the CEO position on August 10, and the company will continue to monitor traffic and sales trends as it seeks to rebuild its market position.
