Key Takeaways
- Julie Masino exits as CEO following a challenging three-year period characterized by branding disputes and revenue declines.
- Former Bloomin’ Brands chief David Deno assumes the top position effective August 10.
- Shares declined 5.4% to $50.82 during Monday’s trading session after the leadership change was revealed.
- Prior to Monday’s selloff, shares had surged nearly 100% in 2025 following positive earnings results and improved financial projections.
- The restaurant chain recently disclosed plans to exit the Maple Street Biscuit segment and completed a sale-leaseback transaction involving 26 properties.
The leadership shakeup at Cracker Barrel sent ripples through the market on Monday, with investors responding negatively to news that CEO Julie Masino would be departing. Shares of CBRL fell 5.4% to $50.82 by midday.
Cracker Barrel Old Country Store, CBRL
Taking the helm will be David Deno, a 69-year-old veteran executive who most recently served as chief executive of Bloomin’ Brands ā the company behind Outback Steakhouse. Deno officially assumes the CEO role on August 10 and will simultaneously join the company’s board.
Masino, 55, arrived at Cracker Barrel in 2023 with an agenda focused on refreshing the aging brand to appeal to a younger demographic. Her initiatives encompassed logo redesigns, menu overhauls, and the controversial decision to strip away traditional antique dƩcor from dining areas.
The rebranding effort, particularly the logo modification, sparked significant controversy. President Trump weighed in with criticism, and the resulting public outcryāfueled by viral social media backlashācompelled Masino to abandon the changes. Both revenue and profitability suffered considerably in the following period.
During its steepest decline, CBRL shares lost more than 50% of their value in 2025. The stock struggled to regain even its pre-controversy trading levels for an extended period.
Business Momentum Disrupted by Leadership News
Notwithstanding the challenges, Cracker Barrel’s operations had demonstrated improvement in recent months. Heading into Monday’s session, the stock had nearly doubled since the start of the year, propelled by better-than-anticipated quarterly results and raised full-year projections.
Just last week, management indicated it anticipates achieving or surpassing the upper end of its revenue forecast range of $3.27 billion to $3.30 billion for the fiscal period concluding in July.
Activist shareholder Sardar Biglari had campaigned for Masino’s ouster a year ago, arguing she mismanaged capital resources. While shareholders voted to retain her position in November, one board member was successfully unseated.
Monday’s announcement took market observers by surprise. “This is a bit of a surprising move given the brand appeared to be gaining some same-store sale momentum,” Citi analysts wrote in a note.
Masino will remain with the organization in an advisory capacity through October 9 to facilitate the leadership transition. The company confirmed she will receive severance compensation and associated benefits.
Deno’s Industry Background
Deno brings four decades of expertise spanning both restaurant operations and retail management. He guided Bloomin’ Brands from 2019 through 2024. His career also includes executive positions at Best Buy, Yum! Brands, and Pizza Hut.
Last week, Cracker Barrel revealed its intention to divest the Maple Street Biscuit divisionāa strategic shift that Biglari had advocated forāexplaining the unit had become a distraction without meaningfully contributing to overall sales performance.
Additionally, the company executed the sale of 26 company-owned properties while securing long-term lease agreements to continue operations. While the sale-leaseback transaction provided immediate debt relief, analysts observed it increased the company’s long-term financial commitments.
Through Friday’s closing bell, CBRL shares had appreciated 100% year-to-date. Monday’s 5.4% decline trimmed those gains but still leaves the stock substantially higher than its early 2025 lows.
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