Cracker Barrel CEO Julie Masino is stepping down from her role and the board, effective August 10, following a tenure marked by a controversial brand overhaul and pressure to improve declining sales. Masino, who took the helm in late 2023, led an ambitious turnaround plan that included store remodels, menu refreshes, and a brand image update.
Her departure comes after the restaurant chain faced backlash from some loyal customers who accused the company of abandoning its traditional country aesthetic in favor of modernization efforts. Critics described the redesigned stores as too modern and generic, with some asserting the company had become "woke." The controversy even drew a public comment from President Donald Trump.
David Deno, former CEO of Bloomin' Brands, has been named Masino's successor. Deno brings decades of experience from senior leadership roles at Yum Brands and his tenure at Bloomin' Brands. Independent Chairman Carl Berquist stated that Deno was chosen after a thorough search, highlighting his experience in driving growth and operational excellence within the restaurant and retail sectors.
Masino will remain in an advisory capacity until October 9 to ensure a smooth transition. Berquist acknowledged Masino's role in laying the groundwork for the company's turnaround, stating her leadership positioned Cracker Barrel for its next phase.
Masino's modernization mission aimed to attract younger diners while preserving the brand's heritage. Despite the criticism, she expressed pride in the progress made and confidence in the company's future positioning. The leadership change occurs as Cracker Barrel works to revive sales, with recent performance indicating stabilization in traffic and comparable sales.
In a broader effort to reduce its debt and strengthen its balance sheet, Cracker Barrel recently sold its Maple Street Biscuit Company business. This sale included the brand, intellectual property, and assets tied to 35 restaurants, which will be converted to Biscuit Belly restaurants over the next 18 to 24 months. The remaining 16 Maple Street locations will close permanently.