Cracker Barrel Old Country Store (NASDAQ:CBRL) saw its stock fall about 3% on Monday after the company confirmed that David Deno has been named its next Chief Executive Officer, effective August 10.
Julie Masino will step down from her roles as CEO and as a member of the board on that same date. The company said Masino will continue to support the transition by remaining with Cracker Barrel in an advisory role through October 9.
The leadership transition brings to a close Masino's roughly three-year tenure. During that period the restaurant chain pursued modernization initiatives, including a redesign of its logo and plans to remodel restaurants, initiatives that drew criticism on social media. The company also became the subject of a high-profile proxy battle initiated by activist investor Sardar Biglari, who sought Masino's removal; shareholders ultimately voted to retain her in November.
Deno joins Cracker Barrel with more than four decades of experience in the restaurant and retail sectors. He served as CEO of Bloomin' Brands (NASDAQ:BLMN) from 2019 until 2024. Before his time as CEO, he was Executive Vice President and Chief Financial Officer at Bloomin' Brands from 2012 to 2019, where his responsibilities included guiding the company through its initial public offering.
Earlier roles in Deno's career include serving as President of Asia and Chief Financial Officer for Best Buy's international division, along with 15 years holding senior operations and finance posts at Yum! Brands (NYSE:YUM) and Pizza Hut, including positions as Chief Financial Officer and Chief Operating Officer. He currently sits on the boards of Krispy Kreme and Panera Brands.
Independent Chairman Carl Berquist said the board selected Deno following a comprehensive search and highlighted his record on operations and guest experience as factors in the decision.
Investors have been watching Cracker Barrel shares closely amid the recent governance and branding controversies. The company's stock lost more than half its value during the height of the dispute, though recent trading has shown some signs of recovery.
Summary of events
- Deno named CEO effective August 10; Masino to step down and remain an advisor through October 9.
- Masino's near three-year leadership included controversial modernization efforts and a proxy challenge by Sardar Biglari that shareholders resolved in November.
- Deno brings extensive restaurant and retail experience, including top roles at Bloomin' Brands and senior positions at Best Buy and Yum! Brands.