Cracker Barrel CEO Julie Masino to get $4.6M severance after exit

Key Points:

• Cracker Barrel CEO Julie Masino will step down on August 10 and receive $4.63 million in severance pay over two years, with the company also covering her security costs for a reasonable period post-advisory role.
• David Deno will succeed Masino as CEO as the company continues to recover from a controversial $700 million rebranding effort that included logo and restaurant layout changes, which led to customer backlash and sales declines.
• The rebranding attempt, which involved removing the "old timer" from the logo and revamping menus and dining spaces, negatively impacted traffic and comparable store sales, though recent trends show gradual improvement.
• Cracker Barrel's board chairman praised Masino's leadership and commitment during the transition, while incoming CEO Deno emphasized the brand's iconic status and ongoing focus on strategic priorities.
• Despite recent improvements in traffic, Cracker Barrel's third-quarter earnings revealed a 2.6% decrease in comparable store sales and a 6.7% drop in traffic compared to the prior year.