The casual dining chain Cracker Barrel announced on Monday that CEO Julie Masino will depart next month, with industry veteran David Deno stepping in to lead the company. This leadership shift comes nearly a year after the chain, which operates close to 660 locations, faced intense backlash over a brand refresh.
Masino joined Cracker Barrel in 2023, bringing experience from top roles at Taco Bell and Starbucks. Hired as an innovator tasked with drawing younger customers, she began updating the menu and remodeling store interiors. In August of last year, she decided to retire the iconic "Old Man" logo that had been in use since the 1970s, replacing it with a simpler text-based design.
However, the change quickly ignited a firestorm on social media. Conservative critics accused the brand of becoming "woke" and embracing left-wing politics, with former President Donald Trump publicly calling for the old logo to be restored. The backlash led to a sharp decline in foot traffic and revenue, and the company's stock price was cut in half during the controversy. Within a week, Masino reversed the decision and reinstated the original logo, but the damage was done.
Same-store sales fell by 5% in the autumn quarter and dropped 7% in the quarter ending January of this year. More recently, however, sales trends have improved, with third-quarter same-store sales declining just 2.6%, prompting the company to raise its full-year outlook. Although Masino secured shareholder support in a November vote, the appointment of Deno has surprised some analysts.
Deno brings over four decades of experience in the restaurant and retail sectors, having previously served as CEO of Bloomin' Brands, the parent company of Outback Steakhouse. He described Cracker Barrel as a "truly iconic American brand" and stated his focus would be on customer experience and profitable growth.
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