After Disastrous Rebrand, Cracker Barrel CEO Exits

Cracker Barrel's much-criticized attempt to reinvent itself is ending with a leadership reset. The restaurant chain said CEO Julie Masino will step down, reports the Wall Street Journal, wrapping a turbulent run marked by backlash over efforts to update the brand's homespun image, saying the chain was "not as relevant as we once were." Masino, who faced criticism from customers, President Trump, and activist investor Sardar Biglari over logo changes, wall décor removals, and menu tweaks, will exit the role on Aug. 10 and advise the company through Oct. 9. She'll be replaced by David Deno, former CEO of Outback Steakhouse parent Bloomin' Brands, who brings four decades of restaurant and retail experience and will also join Cracker Barrel's board.

"We are confident David is the right leader to continue building on the Cracker Barrel legacy, drive further positive momentum operationally and financially, and create sustainable value for our shareholders," said board chairman Carl Berquist, per Fox News. The leadership change follows a stretch in which Cracker Barrel's stock lost more than half its value amid the controversy over what Fox notes was a $700 million overhaul; it then rebounded after the company quickly reversed key changes and reported improving earnings and traffic. Shares still slipped about 3% in early trading Monday on the news.