Cracker Barrel CEO Stepping Down -- 3rd Update

By Connor Hart

Embattled Cracker Barrel Chief Executive Julie Masino is stepping down, the company said.

The move ends a roughly three-year tenure in which the restaurant chain was widely criticized by customers and President Trump for her efforts to modernize the eatery and its stores. Masino pressed forward with a revamp that included remaking the folksy logo atop Cracker Barrel restaurants, pulling antique tchotchkes off the walls and changing the menu.

Masino will be succeeded Aug. 10 by David Deno, the former chief executive of Outback Steakhouse owner Bloomin' Brands. Deno has 40 years of experience in retail and restaurants, including leadership positions at Best Buy and Yum Brands.

Deno will also join the board of directors. Masino will stay on in an advisory role until Oct. 9 to support a smooth transition, the company said.

Shares slumped more than 5% when the market opened Monday.

"Cracker Barrel is a truly iconic American brand, defined by its unique combination of warm country hospitality, timeless appeal, and deep connection with guests across generations," Deno said in a statement.

Masino was targeted by an activist investor after the chain changed its folksy logo change and began remodeling restaurants, setting off a firestorm of criticism on social media last summer. Shareholders voted to retain her in November.

Shares in Cracker Barrel plunged amid the controversy, losing more than half their value, though the stock has recently started to recover. This summer, when the company reported improved earnings and a brighter outlook for the rest of 2026, shares shot up 35%.

Activist investor Sardar Biglari had vowed to remove Masino through a proxy battle. Masino responded by casting aside her original plans and focusing back on the brand's core customers. She halted the restaurants' remodeling plans and added back fan favorites that had been taken off the menu.

Last August Cracker Barrel reversed its logo change, halted remodeling plans and added back fan favorites that had been taken off the menu.

Cracker Barrel told investors after second-quarter earnings that the family-dining chain was recovering from huge losses in sales, profit and the number of guests coming through its doors.

Write to Connor Hart at Connor.Hart@wsj.com

(END) Dow Jones Newswires

July 27, 2026 10:10 ET (14:10 GMT)