Key Takeaways
- Julie Masino exits as CEO following a controversial three-year period characterized by branding missteps and declining revenues.
- Former Bloomin’ Brands chief executive David Deno assumes leadership effective August 10.
- Shares of CBRL declined 5.4%, settling at $50.82 during Monday’s trading session.
- Before Monday’s selloff, the stock had surged nearly 100% this year following strong quarterly results and improved financial projections.
- The company recently announced plans to exit the Maple Street Biscuit segment and completed a sale-leaseback transaction involving 26 properties.
Cracker Barrel revealed Monday that Chief Executive Julie Masino will be departing the company, triggering a negative market response. Shares fell 5.4% to reach $50.82 by midday trading.
Cracker Barrel Old Country Store, CBRL
Taking her place will be David Deno, 69, who formerly served as chief executive of Bloomin’ Brands — the company behind Outback Steakhouse. Deno officially assumes the CEO position on August 10 and will simultaneously join the board.
Masino, 55, came aboard in 2023 with an agenda focused on revitalizing the brand to appeal to a younger demographic. Her strategy encompassed introducing a redesigned logo, overhauling menu offerings, and eliminating traditional antique displays from restaurant interiors.
The logo redesign sparked significant controversy. President Trump weighed in with public criticism, and the resulting backlash — magnified through social media channels — compelled Masino to abandon the changes. Both revenue and profitability suffered substantial declines following the incident.
During its lowest point, shares plummeted more than 50% in 2025. The stock remained below pre-controversy levels for an extended period.
Momentum Interrupted
Nonetheless, Cracker Barrel’s operations had begun demonstrating improvement. Entering Monday, shares had climbed nearly 100% year-to-date, propelled by better-than-anticipated quarterly earnings and enhanced full-year projections.
The previous week, management indicated expectations to achieve or surpass the upper range of its revenue forecast between $3.27 billion and $3.30 billion for the fiscal period concluding in July.
Activist shareholder Sardar Biglari had campaigned for Masino’s dismissal last year, highlighting concerns over inefficient capital management. Despite his efforts, shareholders retained her position in a November vote, though one board director was ousted.
Monday’s announcement arrived unexpectedly for many observers. “This is a bit of a surprising move given the brand appeared to be gaining some same-store sale momentum,” Citi analysts wrote in a note.
Masino will remain with the organization in a consulting capacity through October 9 to facilitate leadership transition. The company confirmed she will receive severance compensation and associated benefits.
Deno’s Background and Experience
Deno brings four decades of restaurant and retail industry expertise to his new role. He served as Bloomin’ Brands’ CEO between 2019 and 2024. His career includes executive positions at Best Buy, Yum! Brands, and Pizza Hut.
Last week’s announcements also included Cracker Barrel’s decision to divest the Maple Street Biscuit division — a divestiture long advocated by Biglari — citing it had become a distraction with insufficient sales contribution.
Additionally, the company executed a sale-leaseback arrangement covering 26 corporate-owned properties. While this transaction improved the debt position, it simultaneously increased long-term lease obligations, according to analyst commentary.
Through Friday’s market close, CBRL shares had appreciated 100% year-to-date. Monday’s 5.4% decline diminishes those gains moderately but maintains the stock significantly above its 2025 trough levels.
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