Cracker Barrel Grants $4.63 Million Severance to Outgoing CEO After Failed Rebrand
Julie Masino departs with $4.63 million in severance after an expensive corporate overhaul sparked customer backlash.
Cracker Barrel Old Country Store Inc. will pay outgoing Chief Executive Officer Julie Masino more than $4.6 million in severance packages following a turbulent tenure marked by guest pushback against a costly corporate transformation.
In a transition agreement submitted to the Securities and Exchange Commission, the company revealed that Masino will officially step down as chief executive on Aug. 10. She is slated to remain in a temporary advisory role until Oct. 9. Over the two years following her complete departure, Masino will receive $4.63 million in severance pay, alongside continued corporate coverage for her personal security services for a designated post-employment period.
David Deno has been named to succeed Masino as chief executive. Independent board chairman Carl Berquist praised Masino’s leadership during the transition phase, emphasizing that executive leadership remains focused on long-term strategic priorities and guest retention.
The leadership shift comes after a broad $700 million modernization initiative across the company’s network of more than 660 stores led to customer pushback and sales decline. Under Masino’s tenure, the company tested an extensive interior update, menu changes, dining room decluttering, and a proposed text-only logo redesign that eliminated the brand’s long-standing “Old Timer” caricature. Backlash from core customers—particularly near the company’s hometown base in Lebanon, Tennessee—forced executives to abandon the logo change and reinstate the original artwork.
Financial metrics reflect the pressure on the retail-restaurant operator. In its third-quarter report, Chief Financial Officer Craig Pommells disclosed a 2.6 percent drop in comparable store sales, driven by a 6.7 percent decline in guest foot traffic compared to the previous year. While management noted early signs of foot-traffic stabilization, overall store visits have failed to fully recover to levels seen before the rebranding strategy was launched.
As part of wider efforts to adjust operations and protect margins during the transition, Cracker Barrel permanently closed 16 locations and completed the sale of the Maple Street Biscuit Company brand.
