Cracker Barrel to Cover Ex-CEO's Security Costs, Pay $4.6M in Exit Fees

Cracker Barrel plans to cover outgoing CEO Julie Felss Masino’s security costs and pay her $4.6 million in exit fees following the chain’s rebrand attempt last year, according to reports.

The Southern dining chain will continue paying an unspecified amount for Masino’s protection for as long as the board deems it “reasonably necessary” after she leaves the company in October, according to a regulatory filing reported by Bloomberg. Masino, who is set to step down as CEO on August 10 and remain in an advisory capacity through the fall, will also receive the exit payments over two years, according to filings obtained by the Wall Street Journal.

Cracker Barrel has offered incoming CEO David Deno a $1 million annual salary, $465,000 in relocation expenses to Nashville, Tennessee, a corporate apartment, and twice-monthly trips back to his home in St. Petersburg, Florida, for up to six months, the Journal reported.

The Lebanon, Tennessee-based company is seeking to move past its recent “woke” rebrand controversy. Masino had attempted to appeal to younger customers last August by modernizing restaurant locations and altering the company logo, which led to backlash.

Cracker Barrel’s stock and store sales declined following the changes, which were quickly reversed. President Trump also publicly reacted against the rebranding.

Growing Security Concerns

While it is unusual to offer paid security services to CEOs with no time limit after their exit, it is not the first instance of such arrangements. The practice comes amid a backdrop of increasing safety concerns and violent attacks, including incidents targeting executives in other industries.

Dave Komendat, former security chief at Boeing, told Bloomberg that there is a “general animus directed to leaders in highly compensated positions.” His firm, Corporate Security Advisors, is now conducting security evaluations for a growing number of companies that might not have previously been associated with such needs.

Masino faced personal attacks on her appearance and management performance during the rebrand controversy, including calls for her termination from an activist investor.

Analysts have described her exit as a “surprise” given Cracker Barrel’s recent recovery from earlier declines. R.J. Bannister, partner and chief operating officer at Farient Advisors, noted to Bloomberg that a company paying for post-termination CEO security is rare. He suggested it was likely a negotiation point for Masino as part of her agreement to step down.

Similarly, Starbucks agreed to provide security services for former CEO Howard Schultz for an additional 10 years when he stepped down in 2023.

Companies, particularly in the tech sector, have increased their security spending for top executives due to growing fears of threats. Meta disclosed $8.5 million in security costs for CEO Mark Zuckerberg last year, while Oracle spent $5.6 million primarily for its CEO’s residential security. Palantir Technologies saw its security expenses jump 150% to nearly $3 million in 2025, and Salesforce’s security costs grew to approximately $4 million.