Cracker Barrel Grants Outgoing CEO $4.63 Million Severance After $700 Million Rebrand Faltered
Updated
Updated · Fox Business · Jul 29
Cracker Barrel Grants Outgoing CEO $4.63 Million Severance After $700 Million Rebrand Faltered
3 articles · Updated · Fox Business · Jul 29
Summary
$4.63 million will be paid to departing CEO Julie Masino over two years after her employment ends, with Cracker Barrel also covering protective services for a reasonable period.
The payout follows Masino's planned Aug. 10 exit and advisory role through Oct. 9, as former Bloomin' Brands chief David Deno takes over the restaurant chain.
Last year's rebrand removed the "Old Timer" from Cracker Barrel's logo and altered store layouts, but customer backlash forced a reversal and hurt sales.
Traffic has improved from recent lows, yet Cracker Barrel said last month that comparable store sales fell 2.6% and traffic dropped 6.7% from a year earlier.