Cracker Barrel CEO Steps Down Following Logo Controversy
Julie Masino, the CEO of Cracker Barrel Old Country Store Inc., is stepping down after nearly a year marked by customer backlash over an attempted rebrand. The company announced that Masino will leave her role on August 10 but remain in an advisory capacity until October 9. David Deno, former CEO of Bloomin' Brands and with executive experience at Best Buy and Yum Brands, has been named as the new CEO. The controversy began last year when Cracker Barrel introduced a simplified logo featuring only its name to modernize its brand and attract younger customers. The change was met with significant customer resistance, leading to declining sales. Although the company reversed course on the rebranding efforts, same-store sales continued to decline by 1.8% in the fiscal third quarter ending May 1. Cracker Barrel's stock dropped 4% following Monday’s announcement of Masino’s departure and Deno’s appointment.
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Topics: cracker barrel leadership change rebranding backlash