Cracker Barrel Replaces CEO Julie Masino With Former Bloomin’ Brands Chief David Deno Amid Falling Sales
Wall Street reacts with skepticism as former Bloomin' Brands head takes charge following logo controversy and activist pressure.
Cracker Barrel Old Country Store has appointed former Bloomin’ Brands chief executive David Deno to take over as chief executive officer next month, replacing Julie Masino after a turbulent tenure marked by brand modernizing missteps, online backlash, and activist investor pressure. Wall Street reacted with skepticism to the sudden leadership change on Monday, sending Cracker Barrel shares down 6% before the stock recovered a portion of its losses.
The board’s selection of the 69-year-old Deno comes despite a mixed financial track record during his five-year tenure leading Bloomin’ Brands from 2019 to 2024. During Deno’s time at the helm of Bloomin’ Brands, the company’s share price dropped 15%, significantly trailing the broader S&P 500 index as well as casual dining competitors like Texas Roadhouse and Darden Restaurants. Data from research firm Technomic, published by Restaurant Business Magazine, showed sales at Outback Steakhouse remained largely stagnant under Deno’s leadership, whereas competitors LongHorn Steakhouse and Texas Roadhouse nearly doubled their business over the same period.
Independent Chairman Carl Berquist said in an official statement that the board selected Deno following a search process, tasking him with driving financial momentum, operational improvements, and long-term shareholder value. Deno, who previously held senior finance and operations roles, assumes control as Cracker Barrel struggles to balance its traditional customer base with the imperative to recruit younger diners.
Financial pressure on the restaurant chain has persisted. Cracker Barrel disclosed last week that comparable-store restaurant sales fell roughly 2.5% year over year through the first 11 weeks of its current fiscal quarter. Demographic data underlines the operational hurdle: guests aged 55 and older account for 43% of Cracker Barrel’s customer base, while diners under the age of 34 represent just 23%.
Masino, 55, was recruited to address that demographic gap, but her attempt to refresh the brand provoked intense public criticism. The redesign removed the signature wooden barrel and the “Old Timer” figure from the company logo, while introducing simplified decor and a revised color palette. The changes provoked immediate outrage from core customers and political commentators, including former President Donald Trump. Facing severe online hostility, Masino reverted to the original logo within weeks.
To rebuild customer confidence, Cracker Barrel established its “Front Porch Feedback” initiative, gathering input from its 12 million loyalty program members. The responses reinforced that the brand’s core clientele prioritized nostalgia and traditional Americana. Masino responded by rolling back operational changes: she restored traditional kettle cooking for side dishes, abandoned batch-freezing for biscuits, and reinstated classic menu offerings such as eggs in a basket, country ham dinners, and hamburger steak. She also expanded non-food retail items, launching patriotic merchandise and America’s 250th birthday commemorations, including flag pillows, U.S. Constitution T-shirts, and smock dresses.
Masino’s departure marks the second consecutive time Cracker Barrel’s board has brought in an outside chief executive rather than promoting from within. Her exit follows months of intense external pressure, including an activist investor campaign launched last year demanding her replacement. As part of her separation package, Cracker Barrel will provide Masino with ongoing personal security services. Company representatives declined to comment beyond the formal press release, and Masino did not respond to requests for comment.
