Cracker Barrel CEO steps down a year after logo debacle

Key Points:

• Cracker Barrel CEO Julie Masino is stepping down next month, nearly a year after her attempted rebrand sparked significant customer backlash and sales declines; she will remain with the company in an advisory role until October 9.
• David Deno, former CEO of Bloomin’ Brands and executive at Best Buy and Yum Brands, will succeed Masino as CEO on August 10.
• Masino had introduced new menu items and remodeled restaurants to attract younger customers, but the controversial decision to change the company’s longtime logo led to immediate customer backlash and a drop in same-store sales.
• Despite the backlash, shareholders voted to keep Masino as CEO in November, and sales trends showed some recent improvement, with the company raising its full-year revenue and profit forecast.
• Cracker Barrel also sharpened its brand focus by selling its Maple Street Biscuit Co. stores, but the announcement of Masino’s departure surprised analysts and caused the company’s shares to fall 2.7%.