Cracker Barrel (CBRL) Stock Falls 5% as CEO Change Catches Investors Off Guard

TLDR

• CEO Julie Masino is stepping down after a turbulent three-year tenure marked by a logo controversy and falling sales.
• David Deno, former CEO of Bloomin’ Brands, will take over on August 10.
• CBRL stock fell 5.4% to $50.82 on Monday following the announcement.
• The stock had nearly doubled year-to-date before Monday’s drop, after the company beat earnings and raised guidance.
• Last week, Cracker Barrel said it would divest its Maple Street Biscuit business and sold 26 locations in a sale-leaseback deal.

Cracker Barrel announced Monday that CEO Julie Masino is stepping down, and the market didn’t take it well. CBRL stock dropped 5.4% to $50.82 midday.

Cracker Barrel Old Country Store, CBRL

David Deno, 69, who previously ran Bloomin’ Brands — parent of Outback Steakhouse — will take over as CEO on August 10. He will also join the board of directors.

Masino, 55, joined Cracker Barrel in 2023 with plans to modernise the brand for younger consumers. That included a new logo, menu changes, and removing antique decorations from restaurant walls.

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