Cracker Barrel CEO Julie Masino Steps Down, Succeeding David Deno Faces Market Challenges
Julie Masino is stepping down as CEO of Cracker Barrel Old Country Store Inc. (CBRL), following a period marked by both challenges and recent recovery efforts under her leadership. She will be succeeded by David Deno, former CEO of Bloomin' Brands, who begins his role on August 10. Despite strong third-quarter earnings in June that boosted shares over 30%, Cracker Barrel's stock dropped more than 5% midday following the announcement. Masino joined Cracker Barrel in 2023 after a controversial logo change led to significant backlash and nearly $100 million loss in market value. The company later reverted to its old logo, initiating a turnaround that culminated in recent strong financial results with revenue of $797.4 million—slightly below the previous year but exceeding analyst expectations. Deno has expressed confidence in continuing Cracker Barrel's momentum by focusing on delivering quality food and experiences while driving growth.
Topics: CEO change corporate transition stock drop